(4)No company, which has defaulted in complying with the provision of section 58-A, shall, directly or indirectly,-(a)make any loan to any body corporate;(b)give any guarantee, or provide security, in connection with a loan made by any other person to, or to any other person by, any body corporate; and(c)acquire, by way of subscription, purchase or otherwise the securities of any other body corporate, till such default is subsisting.
