Loan or Advance to Director by a private Ltd Co
This query is : Resolved
06 March 2010
Can a Private limited company can give loan or advane to its Director or his Proprietorship Firm. Paid Up Capital 10 Lakhs, Reserve & Surplus (Premium) 100 lakh, Willing to Provide loan or advance of 50 Lakh to its Director or his proprietorship firm for 1 year period. Let me make it clear that the company does not have accumulated profit and do have reserve & surplus from share premium. Will that be taken as deemed dividend
08 March 2010
If the Director holds more than 10% of the total voting powers in the private limited company.
However, Sectio 295 of Companies ACt would be applicable and central govt approval is required.
However, Sectio 295 of Companies ACt would be applicable and central govt approval is required.
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