Director loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 June 2015
Respected Sir
I want to know that can a pvt. ltd. company can give loan to any director or his relative as per new com. act 2013?
What to do if company has already given loan to his directors before said section come into existance???
I want to know that can a pvt. ltd. company can give loan to any director or his relative as per new com. act 2013?
What to do if company has already given loan to his directors before said section come into existance???
24 June 2015
Hi,
After 05.06.2015 section 185 of companies act, 2013 is not applicable on a private company:
(a) in whose share capital no other body corporate has invested any money;
(b) if the borrowings of such a company from banks or financial institutions or any body corporate is less than twice of its paid up share capital or fifty crore rupees, whichever is lower; and
(c) such a company has no default in repayment of such borrowings subsisting at the time of making transactions under this section.
Thanks
After 05.06.2015 section 185 of companies act, 2013 is not applicable on a private company:
(a) in whose share capital no other body corporate has invested any money;
(b) if the borrowings of such a company from banks or financial institutions or any body corporate is less than twice of its paid up share capital or fifty crore rupees, whichever is lower; and
(c) such a company has no default in repayment of such borrowings subsisting at the time of making transactions under this section.
Thanks
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