Borrowing from other company
This query is : Resolved
24 November 2013
Sir,
One of my clint is private limited compnay. its wants to take unsecured loan from other private company. can it take the loan. what happen when some directors of other company are same in our company.
One of my clint is private limited compnay. its wants to take unsecured loan from other private company. can it take the loan. what happen when some directors of other company are same in our company.
24 November 2013
Hi Rajni,
Answer to your first Q:
In normal situation, this will be treated as an inter corporate loan and section 372 A of the CA 1956 needs to be taken care. Since 372 A is not applicable to a private limited Company you can very well accept the same.
On your second Q, New Companies Act, 2013 does not allows loan to directors and their interested concerns by a Company.. and thus in your case it is not possible...
Sooraj@9940492568
Answer to your first Q:
In normal situation, this will be treated as an inter corporate loan and section 372 A of the CA 1956 needs to be taken care. Since 372 A is not applicable to a private limited Company you can very well accept the same.
On your second Q, New Companies Act, 2013 does not allows loan to directors and their interested concerns by a Company.. and thus in your case it is not possible...
Sooraj@9940492568
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
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- TDS Deducted AY-2013-14 Not Reflected in 26as
- ADVANCE PAYMENT OF ADVOCATE
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- GST rate and HSN code for sale of racing horses
- Eway bill generation from place other than registeted
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- TDS Return Q1 FY 2026-27
- 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
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
