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Approval Of Central Govt.

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(Querist)
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?
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Ankur Garg

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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
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Professional Careers Academy

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Professional Careers Academy (Expert)
29 April 2010 agreed with ankur garg, good answer..
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CA CS CIMA Prakash Somani

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CA CS CIMA Prakash Somani (Expert)
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.
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
30 April 2010 AGREE WITH EXPERT
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
30 April 2010 Agreed
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