Dear friends,

One of our client company, which is unlisted public limited, has extended loan to a sole Proprietorship Concern, owned by one of the directors of that public company.

Does this attracts the provisions of Section 295 of the Companies Act, 1956?

Please advice.

Regards,
Soumya

Respected Sir

We are incorporating a company in May, 2015 with authorised capital 1 cr and issued capital 1 lacs. Preliminary expenses of stamp duty , printing etc paid by a director and his loan remain outstanding in the company.Now they want to close the company under FTP scheme. No business is done till date.How we can close a company.
For example
Capital Rs.1 lacs
Loan from Director Rs 1.5 lacs

Bank Account Rs 1.10 lacs
Cash account Rs .10 lacs
Preliminary Exp 1.30 lacs

Whether we have to issue capital of Rs 1.50 lacs which is outstanding as loan before closure.

Thanks in advance.

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