Approval Of Central Govt.
This query is : Resolved
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
(Expert)
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
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
29 April 2010
agreed with ankur garg, good answer..
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
(Expert)
30 April 2010
AGREE WITH EXPERT
CA Ravi Sisodia
(Expert)
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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- GSTR-9C filing
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- Import Order Cancelled.
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Intimation under section 245
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
