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Loan sanctioned for director's personal purpose.

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(Querist)
12 October 2017 What are the Company Law provisions and responsibilty of the Company Auditor where loan taken by the company from a Financial Institution or a Bank is utilised for personal purposes of the company's director?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
13 October 2017 Auditor's has to report this as per clause 3 (ix) of Companies (Auditor's Report) Order,2016.
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nimit gada

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nimit gada (Querist)
13 October 2017 Thank you sir. It would be great if I can also get the company law provisions for this matter. Also, any other requirement to be fulfilled by the auditor if purpose mentioned in loan sanction letter is different?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
13 October 2017 Section 143 r.a.w. S.O. 1228(E) dated 29-03-2016.
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