is prior approval of central government is required in every case falling under section 295
2 Replies
Balaji
(Articled assistant & CA final)
(117 Points)
Replied 09 April 2012
Section 295, Requires prior approval from government for granting any loan by company to specified person...
Specified person are: Director, his relative and partner, any firm in which he's partner and any private company in which he is a director...
And section 295 doesn't apply to private company...
prakash
(Company Secretary)
(1352 Points)
Replied 09 April 2012
Yes the previous approval of the central government is required in all cases falling under section 295.
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