RACHANA DAGA (CS) (555 Points)
28 May 2014Respected Sr/Mam
"Save as otherwise provided in this Act, no company shall, directly or indirectly,
advance any loan, including any loan represented by........" please explain the meaning of "Save as otherwise provided in this Act" given in section 185 of the companies act.
CS GK Murty
(Company Secretary)
(225 Points)
Replied 28 May 2014
The words "Save as otherwise provided in this Act" given in section 185 of the companies act signifies "except as provided in the Act" which means Co. can give loan on the basis of some specific provisions as may be provided by the Act which will be construed that such giving loan is not contravention of the provisions of section 185.
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
CAclubindia
