Inter Copany Loans

This query is : Resolved

CA Atulesh Lachure (Querist)
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09 April 2010 Can a Company X utilize loan taken by bank fro giving loan or advance to another related or group Co. Company Y.

Whats the Procedure involved in it.
As a Auditor what points in it need to be checked.

Kindly Review the Sections affected.

CA Robin Betala

CA Robin Betala (Expert)
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09 April 2010 When there is loan from public finanacial institution in a company and company is giving any inter corporate loan , the company is required to get prior approval of Public financial institute . Sec 372A
Auditor must check whether prior approval of PFI is taken or not

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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09 April 2010 AGREED

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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09 April 2010 agree

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