Inter Copany Loans
This query is : Resolved
CA Atulesh Lachure
(Querist)
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.
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
(Expert)
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
Auditor must check whether prior approval of PFI is taken or not
CA Ashok Kumar Sahu
(Expert)
09 April 2010
AGREED
CA Ravi Sisodia
(Expert)
09 April 2010
agree
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