Approval Of Central Govt.

This query is : Resolved

Ankit (Querist)
Follow

29 April 2010 An employee was given loan by limited company. Thereafter he is appointed as director & managing director. Is co. require to take approval ? Which other provision would be applicable?

Ankur Garg

Ankur Garg (Expert)
Follow

29 April 2010 Hi,

Where a loan was made in the past by the company to a person who was not a director of a company and such loan is still outstanding when such person became a director, no approval of the central govt. shall be required. However, any further advance made after the person becomes a director, will be covered under section 295.

Regards

Message likes : 1 times

Professional Careers Academy

Professional Careers Academy (Expert)
Follow

29 April 2010 agreed with ankur garg, good answer..

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
Follow

30 April 2010 agreed. that is becasue when he was granted loan then at that time he has not interest in the company so loan will carry ots nature as it is.

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
Follow

30 April 2010 AGREE WITH EXPERT

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
Follow

30 April 2010 Agreed

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

tsrandcompany@gmail.com

John Ravindran Moses

CA Uzma Khan

Adv Ashish Vishwakarma

yadagiri

Subscribe Now

Approval Of Central Govt.

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

Senior Executive

CA Final

GST CONSULTANCY

Manager- Finance and Compliance

GST CONSULTANT