Hi
what is the difference between loan wrt sec 295
and loans to parties mentioned in section 301 .
1 Replies
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 02 July 2016
Both these sections are no more applicable now. However, Sec.295 covered directors, firms, private companies, bodies corporate as referred in sub-section (1). Sec.297 covered director or relative, firm in which director or relative is partner, any other partner in such firm or a private co. of which the director is member or director. Sec.299 covered all concerns in which a director was concerned or interested whether directly or indirectly (disclosed in form 24AA). Sec.301 covered all parties referred to in Sec.297 and Sec.299. Hence Sec.301 was much wider in scope.
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