valid as on 26/11/2020

12.1.10-Companies (Meetings of Board and its Powers) Rules,2014

(1) Any loan made by a holding company to its wholly owned subsidiary company or any guarantee given or security provided by a holding company in respect of any loan made to its wholly owned subsidiary company is exempted from the requirements under this section; and

(2) Any guarantee given or security provided by a holding company in respect of loan made by any bank or financial institution to its subsidiary company is exempted from the requirements under this section:

Provided that such loans made under sub-rule(1) and (2) are utilised by the subsidiary company for its principle business activities.

 Rule 10 omitted vide Companies (Meetings of Board and its Powers) Second Amendment Rules, 2015. To view the Notification,Click Here

Companies (Meetings of Board and its Powers) Second Amendment Rules, 2015 [G.S.R. 971 (E)] dated 14/12/2015


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