Interest on unsecured loan
This query is : Resolved
25 October 2016
Query:
=====
abc pvt ltd has given some unsecured loan to xyz pvt ltd for certain benefit from xyz pvt ltd and just on account of benefit abc pvt ltd has not provided interest on unsecured loan.
Whether abc pvt ltd has violated companies act ?
What will be the worse to worst consequences against the violation of the act ?
Points to be noted:
==================
1) abc pvt ltd has not taken any loan from bank.
2) abc pvt ltd has taken loans from her directors and then given loan to xyz pvt ltd for her benefit and just on account of benefit abc pvt ltd has not provided interest on loan given to xyz pvt ltd.
yrs affectionately
for samnan international pvt ltd
tarique rizvi
982 1630 130
=====
abc pvt ltd has given some unsecured loan to xyz pvt ltd for certain benefit from xyz pvt ltd and just on account of benefit abc pvt ltd has not provided interest on unsecured loan.
Whether abc pvt ltd has violated companies act ?
What will be the worse to worst consequences against the violation of the act ?
Points to be noted:
==================
1) abc pvt ltd has not taken any loan from bank.
2) abc pvt ltd has taken loans from her directors and then given loan to xyz pvt ltd for her benefit and just on account of benefit abc pvt ltd has not provided interest on loan given to xyz pvt ltd.
yrs affectionately
for samnan international pvt ltd
tarique rizvi
982 1630 130
26 October 2016
interest on loan is the matter/concern between the management of these 2 companies. No one can force any of the company to CHARGE interest. There can be interest free loan.
29 October 2016
Thankfully received yr reply.
29 October 2016
you are most welcome.
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