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Provision Relating to Loan Advances/Investment In Companies Act 2013 ?? Loan to Directors, etc. ?? Loan to Directors (Section 185) SAVE AS OTHERWISE PROVIDED IN THE ACT No Company shall directly or indirectly, Advance any loan (including loan represented by book debt) Gives any guarantee or provide any security in connection with a loan to: Any Director Any other person in which Director is interested which means Director of lending Company or of a holding company Partner of director Relative of director ?? Loan to Directors (Section 185) Firm in which such director is a director or relative is a partner Any private company in which director is a director or a shareholder Body corporate where 25% or more voting power is held by one or more director Body corporate, Board of director, managing director, or manager accustomed to act as per instruction of lender or one or more director Continued… ??  Contravention Punishment: Minimum Rs. 5lakh to Rs. 25 lakhs on lending company b. Director or other person to whom loan advanced/ security provided : i. Imprisonment upto 6 months or Fine of minimum Rs. 5 lakhs to Rs. 25 lakhs ??  Exemption If in the Ordinary course of business Provide loans or give guarantee or security for due repayment of any loans. and In respect of Such loans an interest is arranged Not less than Bank rate announced by RBI Loans to MD or Whole Time Director Part of condition of service or Pursuant to scheme approved by Special resolution. ?? Rule 10 of Board Rules Loan by Holding company to/ for : Wholly owned subsidiary exempted from section 185 Guarantee/ security to others for loan by other than bank/ FI exempted only for wholly owned subsidiary. Section 185 do not authorise rule making. This rule is in general powers of exemption under section 462. Guarantee given or security provided by holding company for : Loan by bank or FI to any subsidiary company exempted ??