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Loan taken under same director

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 June 2014 Sir,
can anyone tell me what are the compliances required in accounts and roc if a pvt ltd takes lone from other private company while one of the director is same in both company. Kindly, provide me the solution for both company as per new company act 2013.
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CA. Amit G. Chandani

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CA. Amit G. Chandani (Expert)
04 June 2014 No compliances for the recipient company, since any amount received by a company from any other company is not covered in definition of deposit. Special Resolution will be necessary if loan is covered u/s 180(1)(c).
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CA. Amit G. Chandani

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CA. Amit G. Chandani (Expert)
04 June 2014 Not directly permitted for the lender company, but if it take the route of deposit and not loan, same can be permitted through Section 186.
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