Loan to director
This query is : Resolved
05 June 2015
Dear All,
Kindly clarify that if a private company has given loan to director and his relative at the time when old companies act was there, whether such director and relative have to repay that loan immediately ?
Kindly clarify that if a private company has given loan to director and his relative at the time when old companies act was there, whether such director and relative have to repay that loan immediately ?
05 June 2015
No. Loan given as per Companies Act,1956 (before 12.09.2013) is not covered in the restrictions of Companies Act,2013. But, the same loan should not be renewed or altered.
05 June 2015
Respected Sir,
Whether there is any clarification regarding this or it is interpretation of law ?
Whether there is any clarification regarding this or it is interpretation of law ?
06 June 2015
It is my understanding and not based on any clarification that came to my notice.
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