Loan from director.
This query is : Resolved
04 March 2016
One director had given loan to company say ex amount in 2013 and later in 2015 the director resign from directorship. And company does not repay his loan. It was still standing in the books. Is this breaching any compliance as per CA,2013. If so what is the remedy to it. And how much amount can company take loan from director. Is there any restriction on it.
09 March 2016
No. It is not violation of any provisions of Companies Act, 2013.
Further, Company can take loan from Director without any limit. Please refer Deposits definition for the same.
Further, Company can take loan from Director without any limit. Please refer Deposits definition for the same.
18 March 2016
Sir, suppose the directors at the time of giving loan to company are the share holders also. and later cease to be a director.
18 March 2016
No problem. Since they were the directors at the time of giving loan (irrespective of they are shareholders or not), deposit rules won't be applicable to such amount.
21 March 2016
Sir, As per Companies Act 2013 if the director is a shareholder also then, Section 73(2) read with Companies (acceptance of deposit) rules 2014 would be applicable or not. Please advise.
24 March 2016
No..it would not be applicable. As far as a person who is giving money is Director at the time of giving, it will come under exemption, irrespective of whether he is shareholder or not.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- TDS Deducted AY-2013-14 Not Reflected in 26as
- NRI starting business in India
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Capital gain on sale and purchase of plot
- CREDIT NOTES WITHOUT GST
- Condonation . E-Verification of last year return .
- Eway bill generation from place other than registeted
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
