Company law 2013
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 June 2014
A PVT LTD COMPANY HAVE 1 MANAGING DIRECTOR.
THE COMPANY DOES NOT HAVE ANY FACILITY FOR TRANSPORTATION.
MEANWHILE A CAR BOUGHT BY ITS MD.
NOW COMPANY WANT SUCH CAR TO BE SHOWN UNDER ITS BALANCE SHEET AND IT HAS STARTED PAYING THE LOAN INSTALLMENT FROM ITS CC-ACCOUNT.
CAN COMPANY DO SO?
IF, YES WHAT TYPE OF RESOLUTION NEEDS TO PASSED?
CAN WE CONSIDER IT TO BE PARK OR LOAN TO DIRECTOR?
THE COMPANY DOES NOT HAVE ANY FACILITY FOR TRANSPORTATION.
MEANWHILE A CAR BOUGHT BY ITS MD.
NOW COMPANY WANT SUCH CAR TO BE SHOWN UNDER ITS BALANCE SHEET AND IT HAS STARTED PAYING THE LOAN INSTALLMENT FROM ITS CC-ACCOUNT.
CAN COMPANY DO SO?
IF, YES WHAT TYPE OF RESOLUTION NEEDS TO PASSED?
CAN WE CONSIDER IT TO BE PARK OR LOAN TO DIRECTOR?
Amol S Joglekar
(Expert)
10 June 2014
The asset should be in the name of the company. Under the present circustances, treat it as either loan or salary
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