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Please Help: Section 185 of the Companies Act

Posted Date : 19-Jul-2018 , 03:10:20 pm | Posted By: CA Shraddha Vora

Category : Corporate Law | Answers : 0| Comments : 0| Hits: 1078

As per Amendment in Section 185 of the Companies Act, 2013, a company can provide loan to person in whom director is interested subject to the condition that special resolution for the same is passed. In view of the aforesaid amendment we have the following queires: Whether the shareholders’ approval required is “prior” i.e. before advancing of any loan or “post” i.e. after the grant of loan? In case if the approval to be obtained is post i.e. after the grant of loan, whether the Company can take approval for all loans/guarantees/securities given during the year in the ensuing AGM? (For eg.- Can we obtain approval of shareholders in the AGM to be held in the year 2019 for all the loans/guarantees/ securities given by the Company during the period 7th May, 2018 to  31st March, 2019?)

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