Advancing loan/Giving Guarantee or providing security in connection with a Loan to Director or Person in Whom Director is interested.
In accordance with provisions of sub-section (1) of section 185, Save as otherwise provided in this Act, a Company shall not, directly or indirectly, advance any loan, including any loan represented by a book debt, to any of its directors or to any other person in whom the director is interested or give any guarantee or provide any security in connection with any loan taken by him or such other person.
