Advance received by director from his pvt ltd company
This query is : Resolved
08 February 2011
Dear Experts,
Ours is a pvt ltd company.
Two of our directors have mistakely takne advances from company in the month of nov 10.
Suppose this remians o/s till march 11 end.
Is this allowed as per rules?
suppose this advances taken by director is returned to company in the month of Feb 11. though we need to rport in our 3cd?
Waiting for reply..
Thanks in advance
Susihl.
Ours is a pvt ltd company.
Two of our directors have mistakely takne advances from company in the month of nov 10.
Suppose this remians o/s till march 11 end.
Is this allowed as per rules?
suppose this advances taken by director is returned to company in the month of Feb 11. though we need to rport in our 3cd?
Waiting for reply..
Thanks in advance
Susihl.
Jayashree S Iyer
(Expert)
08 February 2011
Section 295 containing provisions relating to loan to directors is not applicable to a private company. Yours being a private limited company therefore can lend to Directors.
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