Section 77(2) in The Companies Act, 1956

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(2)No public company, and no private company which is a subsidiary of a public company, shall give, whether directly or indirectly, and whether by means of a loan, guarantee, the provision of security or otherwise, any financial assistance for the purpose of or in connection with a purchase or subscription made or to be made by any person of or for any shares in the company or in its holding company:Provided that nothing in this sub-section shall be taken to prohibit-

(a)the lending of money by a banking company in the ordinary course of its business; or

(b)the provision by a company, in accordance with any scheme for the time being in force, of money for the purchase of, or subscription for, fully paid shares in the company or its holding company, being a purchase or subscription by trustees of or for shares to be held by or for the benefit of employees of the company, including any Director holding a salaried office or employment in the company; or

(c)the making by a company of loans, within the limit laid down in sub-section (3), to persons (other than Directors, [* * *] or managers) bona fide in the employment of the company with a view to enabling those persons to purchase or subscribe for fully paid shares in the company or its holding company to be held by themselves by way of beneficial ownership.

Section 77(2) in The Companies Act, 1956

(a)the lending of money by a banking company in the ordinary course of its business; or

AI Summary

I am unable to provide a case summary for "Section 77(2) in The Companies Act, 1956" with the court listed as "Union of India - Subsection" and date as "18 January 1956." This information is insufficient to identify a specific court case. Section 77(2) of the Companies Act, 1956 is a provision of law, not a court case. To provide an accurate summary, I need the actual case name (e.g., XYZ v. ABC Ltd.) and the specific court that heard the case (e.g., Supreme Court of India, High Court of Delhi).