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?
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.
30 April 2010
AGREE WITH 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
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- Gst registered proprietorship firm
- Dep. as per companies act
- Applicability of GST on Salary Reimbursement Component
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- UDIN ISSUE
- Change Of Karta In Case of Death
- TDS on purchase of under construction property from a reseller
- Non filing of I T Returns
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
