Loan to associate concerns
This query is : Resolved
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?
23 November 2015
Yes..it is contravention of 185. 185 clearly restricts the company to give amount to Director or its related party.
23 November 2015
BUT THE LOAN STAND NIL AS ON 31.3.15
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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