Loan taken by a pvt ltd co.

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Ruchi Agarwal (Querist)
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24 April 2014 What is the remedy available to A pvt. ltd Co. from B pvt. ltd.(in which directors are common) say on 1st oct. 2013.?? Can it be rectified??if yes then how?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 April 2014 well penalty should apply. I dont think there is any way out...

other experts may also pitch in...

prathiba

prathiba (Expert)
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24 April 2014 As the transaction is between two private companies, it is not an issue, only note that the transaction should be approved by the quorum of directors ,other than the interested director at the board meeting.
However under the companies act 2013 no exemption is given for loan transactions bween private companies. Under the new Act the transaction has to approved by the members at general meeting

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