Applicability:Section 372 A is applicable to an Indian Company giving loan to a any Body Corporate (Indian & Foreign)Steps of Compliance:1. An unanimous Board Resolution (URM) has to be passes at Board Meeting. By URM it means all the Directors present and voting must agree to the resolution.2. Sometimes prior consent by Special Resolution in General Meeting is required if:Present Inter Corporate Loans, Investments and Guarantees + Proposed Inter Corporate Loans, Investments and Guarantees exceedthe higher of the following-i. 60% of (Paid...
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