Company law
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 June 2010
Can we show loans from directors in the books?to what extent?
Ankur Garg
(Expert)
29 June 2010
Loan to the company from director is exempt from the definition of deposits.
So according to me there is no issue if u show the same in BS and there is no limit.
However wait for other expert opinions.
Regards
So according to me there is no issue if u show the same in BS and there is no limit.
However wait for other expert opinions.
Regards
CS Richa Sharma
(Expert)
29 June 2010
under Companies Act in Schedule VI Part 1 - Form of Balance Sheet, it is clearly mentioned that Loans from Directors* and Managers should be shown separately.
*inserted by Notification No. GSR 414,dated 21-03-1961.
*inserted by Notification No. GSR 414,dated 21-03-1961.
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