Loan sanctioned for director's personal purpose.
This query is : Resolved
nimit gada
(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?
13 October 2017
Auditor's has to report this as per clause 3 (ix) of Companies (Auditor's Report) Order,2016.
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?
13 October 2017
Section 143 r.a.w. S.O. 1228(E) dated 29-03-2016.
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