26 June 2016
We know as per Companies Act, 2013 Pvt. Ltd. company can receive loan only from Director and Banks. Please clarify my problem as under: Mr. A is director of th ABC pvt. Ltd. and also a partner in th firm of XYZ & Co. During F.Y 2013-14 company received loan from XYZ & Co. The Bank statement of the Company also proved that company received amount from XYZ & Co. As on 31.03.2014 we have disclosed in balance sheet loan received from director intead of loan received from XYZ & Co. During F.Y 2014-15 the company also received additional money from XYZ 7 Co. and the balance sheet of F.Y. 2014-15 is still pending till date i.e now as on 25.06.2016. ABC company wants to disclosed loan from XYZ & Co. Please clarify the my problem if:- 1. the company wants to disclose loan from XYZ & Co. please also tell me about wheather any penalty for the same. 2. The company wants to disclose loan from director.
27 June 2016
it is non compliance and YES, it will imposed a harsh penalty on the company. however, the company has one option, refund the amount of money to the firm and take a amount of loan from director but the director has to give a declaration that he has not take that amount by way of loan from any other party.
28 June 2016
Section 185 says there is a penalty from Rs. 5 lakhs which may exceed to Rs, 25 lacs. if such money fall under the definition of "Deposit" then Section 73 to 76 comply and as a result penalty may goes up in Crores
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