Loan taken by a pvt. ltd. co. from anothe pvt. ltd. co.?

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Ruchi Agarwal (Querist)
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23 April 2014 Can A pvt. ltd. co. take a loan from B pvt. ltd. co. in which the directors are common in FY 2013-14?

Nikhil Kaushik (Expert)
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23 April 2014 not after 12 september 2013. Any loan given before this date should not be renewed.

Ruchi Agarwal (Querist)
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23 April 2014 what if the co. still continued to give & take money to & from another pvt. ltd. co.?

is there any remedy?

Nikhil Kaushik (Expert)
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24 April 2014 then there is penalty levied.....

Ruchi Agarwal (Querist)
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14 June 2014 HOW MUCH IS THE PENALTY AMOUNT?? & IS THERE ANY PROVISION TO WAIVE THE PENALTY??

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