[* * *] [Omitted by Notification No. G.S.R. 971(E), dated 14.12.2015 (w.e.f. 31.3.2014).]
10. Loans to Director etc. under section 185.- (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.