Investment in Group Companies

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The profits of a private limited company are exempt u/s 80 I A. The company has raised substantial interest bearing loans for investing in new projects of companies under the same management.
The company has given interest free  loans and advances to other group companies for setting up new projects.
The books profits of the company has been reduced considerably because of the interest cost of the said loan raised.
Please advise  :
From Income Tax Point of View :
a)   Implication of  section 14A – If there is JV or no JV
b)   Implications of Section 2 (22) -
None of the shareholder of the lending company is shareholder of the  company to whom loans are given
c)   Implication of Section 115JB
.
From Companies Act / CARO
The provision of section 293  and other applicable sections of the Companies Act
Prejudicial to the interest of shareholders – Though the loans are raised and invested after shareholders' approval,