Section 185 of the companies act,2013

Rajiv Kaicker (Querist) 23 January 2014 This query is : Resolved
Is there an overlap of Section 185 0f the Companies Act,2013 and Section 372A of the Companies Act,1956? What is present status?

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Advocate. Arunagiri (Expert) 23 January 2014
Yes the two sections are overlapping .

There will be some amendments soon.

Guest (Expert) 23 January 2014
Academic query! If you re-read the concerned sections, you will find the difference. But you have not stated what actually is the problem and how you are concerned with the section 185 of the Companies Act 2013 vs. sec. 372A of the Act of 1956?

V R SHROFF (Expert) 23 January 2014
aCADEMIC qUERY..

T. Kalaiselvan, Advocate (Expert) 25 January 2014
Yes please answer expert Mr. Dingra's query first.

Raj Kumar Makkad (Expert) 25 January 2014
There is a lot of difference between these two sections but nothing concrete can be opined without knowing true facts of your issue.

Anirudh (Expert) 25 January 2014
Dear Mr. Rajiv Kaicker,

I appreciate your query. I do not consider it academic.

Yes, Sec. 185 of the new Act and that of Sec. 372A of the old Act are more or less similar.

Please note that the general circular No. 18/2013 dated 19 November 2013 clarifies that section 372A of the 1956 Act continues to remain in force till section 186 is notified.

Sec. 186 has not still been notified.

Hope this answers your query.

ajay sethi (Expert) 25 January 2014
well advised by anirudh

Rajendra K Goyal (Expert) 25 January 2014
Well advised by the expert Anirudh Sir.

malipeddi jaggarao (Expert) 27 January 2014
I agree with Mr.Dhingra. Come with your problem. This window is for giving expert advice to practical problems.

R.V.RAO (Expert) 09 February 2014
sec 185(new co act) refers to loans/guarantees/security to directors or persons/ firms/cos.in which directors are interested (exceptions are provided).

where as sec 372A (old co act) deals with inter corp.inv./loans/guarantees etc.. by a body corp.& restrictions thereon.

so while only loans etc.. to directors and their interests elsewhere are stated in sec 185 ,it is any body corp. which is talked about in 372A.

till new sec186 is made effective,old sec 372A is made applicable.

the queriest has elsewhere asked about SEC. 372Aapplicability to and vis a vis foreign JV/WOS

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