(1)Save as otherwise provided in sub-section (2), no company (hereinafter in this section referred to as "the lending company" [without obtaining the previous approval of the Central Government in that behalf shall, directly or indirectly,] make any loan to, or give any guarantee or provide any security in connection with a loan made by any other person to, or to any other person by,-(a)any Director of the lending company or of a company which is its holding company or any partner or relative of any such Director;(b)any firm in which any such Director or relative is a partner;(c)any private company of which any such Director is a Director or member;(d)any body corporate at a general meeting of which not less than twenty-five per cent. of the total voting power may be exercised or controlled by any such Director, or by two or more such Directors, together; or(e)any body corporate, the Board of Directors, Managing Director, [* * *] [ The words " managing agent, secretaries and treasurers," omitted by Act 53 of 2000, Section 142 (w.e.f. 13.12.2000).]or manager whereof is accustomed to act in accordance with the directions or instructions of the Board, or of any Director or Directors, of the lending company.
