INTER COMPANY TRANSACTIONS
This query is : Resolved
19 August 2008
IF A PROMOTER IS HAVING 6 OR 7 COMPANIES CAN HE MAKE INTER COMPANY TRANSACTIONS WITHOUT MENTIONING IN THE MINUTES. WHAT HAPPENS IF SOME OF THE COMPANIES ARE (LTD.) AND SOME ARE (PVT. LTD. WHILE PURSUING AUDIT OF THAT IT CLEARLY SHOWS THAT ALL CERTAIN TRANSACTIONS ARE INTERNAL. IS IT ALLOWED BY COMPANIES ACT.?
03 October 2008
It depends upon the nature of transactions, directors' interest therein and statutory provisions relating to transaction. Therefore a blanket reply is not possible.
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