Respected Sirs/Madams,
Mr. X has given Rs. 5 lacs previously before 01.04.2014 to ABC p ltd, but due to new companies act, ABC p ltd had to return it to Mr. X.
Now NBFC takes loan say Rs. 5 lac @ 12 % p.a. from its shareholder Mr. X, who is also shareholder of ABC p ltd (which is not NBFC), and gives this amount amount @ 15% p.a. on the same date to ABC P Ltd/Ltd on the strength of guarantee of Mr. X. Is there any violation of Companies Act 2013 or any other law in these transactions?
CAclubindia
