Loan to director

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Anuj Garg (Querist)
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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 ?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

Anuj Garg

Anuj Garg (Querist)
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05 June 2015 Respected Sir,

Whether there is any clarification regarding this or it is interpretation of law ?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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06 June 2015 It is my understanding and not based on any clarification that came to my notice.

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Anuj Garg

Anuj Garg (Querist)
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06 June 2015 ok, Thanks a lot sir..........

Anuj Garg

Anuj Garg (Querist)
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06 June 2015 ok, thanks a lot sir...

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