Cash Advance paid to Directors
This query is : Resolved
09 December 2008
sir,
If we have paid Cash Advance around 50 Thousand to one of our Director's any resolution to be passed?
pl. breif if complications
If we have paid Cash Advance around 50 Thousand to one of our Director's any resolution to be passed?
pl. breif if complications
11 December 2008
In case of a public company any advance paid to a director is subject to the provisions of Section 295 of the Companies Act, 1956. However, in case of a private company this provision is not applicable. Any advance to a director should be through a resolution of a Board, unless it is a travel advance or a salary advance.
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