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Loan to associate concerns

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(Querist)
21 November 2015 whether amt given to associate concern/related party and consequently repaid during the financial year is a contravention of section 185 of companies act 2013?
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Pratik Shah

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Pratik Shah (Expert)
23 November 2015 Yes..it is contravention of 185. 185 clearly restricts the company to give amount to Director or its related party.
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gaurav sehgal

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gaurav sehgal (Querist)
23 November 2015 BUT THE LOAN STAND NIL AS ON 31.3.15
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Pratik Shah

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Pratik Shah (Expert)
23 November 2015 So what!?? The Companies Act, 2013 ask a Company not to give money to Directors and their relatives and still company gave it. It is clearly a non-compliance.
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