Loan by one comapany to another company
This query is : Resolved
Jalpa Shah
(Querist)
03 March 2009
There is one company having carried forward depreciation loss. It had sold off all the immovable properties and deposited the proceeds in Fixed Deposit with Bank.
Now whether this company can give unsecured loan to another company by pre maturing the fixed deposits ?? If yes whether any legal formalities are required under companies act......
Now whether this company can give unsecured loan to another company by pre maturing the fixed deposits ?? If yes whether any legal formalities are required under companies act......
chetan soni
(Expert)
03 March 2009
Check the provision of Sec 372A of companies act for inter corporate loans.
03 March 2009
Also check whether the M.O.A permits and the A.O.A contains any clause/restrictions on this matter.
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