In ABC private Company , there are 3 directors x , y & z , all had invested 34 % , 33 % & 33 % ,
now the Third director has mortgaged her personal property for a company loan and the company has received Rs 1 cr as a Loan from the Company, Now the Director C version is allotted some shares in the company as the bank is given only for the personal mortgage, now the other directors/members agreed to allot some shares i.e 20,00,000 lakhs with out any consideration.
please confirm / Guide how to proceed with the above situation
14 November 2021
If it is in the form of personal guarantee commission, then the same shall be chargeable under the head business for the director. The payment of the guarantee commission in the form of shares will be valued at fmv of the shares allotted.
15 November 2021
agreed sir ,however my query is actually i want to know whether shares will be allotted to the person who has mortgage his property for the companies loan
CAclubindia
