Checklist for Loans & Advances given to Subsidiries & JVs
This query is : Resolved
I.V. Chandra Sekhar
(Querist)
19 February 2010
Hi
Can any one provide me the Checklist for Loans & Advances given to Subsidiries and Joint Ventures from Internal Audit point of view to my mail ID "ivchandrasekhar@yahoo.co.in"
Can any one provide me the Checklist for Loans & Advances given to Subsidiries and Joint Ventures from Internal Audit point of view to my mail ID "ivchandrasekhar@yahoo.co.in"
19 February 2010
Verify the following:
1) Board resolution authorising the loans or giving power to individuals to do such acts.
2) Limits under Section 293(1)(3) of Companies Act from the point of view of teh company taking the loan.
3) Section 372A of Companies Act for the company giving the loan.
4) Whether 2(22)(e) of Income Tax act gets attracted.
5) Rate of interest should not be lower than the average rate of cost of borrowing of the lending company.
1) Board resolution authorising the loans or giving power to individuals to do such acts.
2) Limits under Section 293(1)(3) of Companies Act from the point of view of teh company taking the loan.
3) Section 372A of Companies Act for the company giving the loan.
4) Whether 2(22)(e) of Income Tax act gets attracted.
5) Rate of interest should not be lower than the average rate of cost of borrowing of the lending company.
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