loan from director of a private ltd company
This query is : Resolved
13 December 2009
Hi,
a)Whether the loan from director of a private limited company is covered by provisions of sec 297 of the Act and need to be entered in the register maintained u/s 301 of the Act?
b) whether such loan should be reported in CARO report annexed to the Auditor's report
Kindly enlighten with expert views
regards
K S Iyer
a)Whether the loan from director of a private limited company is covered by provisions of sec 297 of the Act and need to be entered in the register maintained u/s 301 of the Act?
b) whether such loan should be reported in CARO report annexed to the Auditor's report
Kindly enlighten with expert views
regards
K S Iyer
14 December 2009
Yes. The terms of loan should not be detrimental to the interest of the company. You have to reprot in caro and enter in the register maintained under section 301 of the act.
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