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1 Sec. 372A notes on Mon 11 Oct 2010 - 17:43

bhomiavarun


CSoC Smart User
CSoC Smart User
372A INTER CORPORATE GURANTEES LOANS AND ADVANCES.

1. UNANIMOUS board resolution required at board meeting. (Compulsory)
2. When A exceeds higher of B then PRIOR consent of Shareholder by Special Resolution at General Meeting.
Present Inter corporate Loan & Investment xxx
+
Proposed Inter Corporate Loan & Investment xxx
Xxx A
I) 60% of paid up Capital + Free Reserve B
II) 100% of Free Reserve

3. Prior Approval of Public Financial Institution may be required.
(Public Financial Institution = ICICI, IDBI, UTI, LIC Etc.)
4. When a Company has taken a term loan from PFI and the amount / and interest is not being repaid timely and the company is proposing to make inter corporate loan and / or advances then prior approval of PFI is required.
5. Prior approval of PFI may be required at times when a Company has taken a term loan from PFI and has not defaulted in the service of loan (repayment of the amount / and interest) but the Present Inter corporate loan s and investment + proposed Inter Corporate Loans and investment exceeds 60% of paid up capital + free reserve.
6. Entry has to be made in the Register of Inter corporate Loans and Investment (Statuary Book) within 7 days of giving the loan/investment/guarantee.
7. If the Company is a defaulter Company U/s 58A then NO Inter Corporate Loans or investment can be made until the default is made good.
8. Rate of Interest charged on loans given should not be less than Bank Interest.
EXEMPTION :
1. When a losn is made, gurantee given or security provided by a Banking Company, Insurance Company, Housing Finance Company or a Company Established with the object of Financing Industrial Enterprises or for providing Infrastructure Facilities.
2. A Company whose PRINCIPAL BUSINESS is acquisition of Shares, Stocks, Debenture and other Securities.
3. Any Investment made in shares allotted in pursuance of Sec. 8(1)(a) i.e. Right Issue.
4. Any Loan made or guarantee given by a holding Company to its Wholly Owned Subsidiary.



2 Re: Sec. 372A notes on Mon 11 Oct 2010 - 17:45

praveen999


CSoC Master
CSoC Master
thanks for sharing ....keep sharing...

3 Re: Sec. 372A notes on Tue 12 Oct 2010 - 17:37

mione

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CSoC Master
CSoC Master
thanx for sharing

4 Re: Sec. 372A notes on Tue 12 Oct 2010 - 19:29

shweta72


send 2 [You must be registered and logged in to see this link.]

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