Loan sanctioned for director's personal purpose.
This query is : Resolved
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?
13 October 2017
Auditor's has to report this as per clause 3 (ix) of Companies (Auditor's Report) Order,2016.
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?
13 October 2017
Section 143 r.a.w. S.O. 1228(E) dated 29-03-2016.
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
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Building and other construction workers welfare cess act 1996
- Eway bill for machinery reparing
- Gift of mutual fund units to daughter
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Form 10BD Filling
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Reporting of STCG on Property in ITR
- Error while filling exam form November 2026
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
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
