Loan to director of pvt company roc compliance
This query is : Resolved
06 November 2018
Sir
Please let me know the process ( ie, meeting, resolutions etc) to give loan to director of Pvt Company, All 3 conditions are satisfied, viz 1 No Body Corporate invested in Share Capital of Pvt Co, 2. No Borrowings from Banks & FI Etc.
Also reply Remarks to be made in Auditors Report if any
Please let me know the process ( ie, meeting, resolutions etc) to give loan to director of Pvt Company, All 3 conditions are satisfied, viz 1 No Body Corporate invested in Share Capital of Pvt Co, 2. No Borrowings from Banks & FI Etc.
Also reply Remarks to be made in Auditors Report if any
CA Suresh Jain
(Expert)
07 November 2018
Section 185 of the Companies Act 2013 prohibits company to give Loans to the Directors except to the Managing or Whole time directors as a part of service contracts extended to all its employees.
The provisions of deemed dividend under section 2(22) (e) of Income Tax act may also be applicable.
The provisions of deemed dividend under section 2(22) (e) of Income Tax act may also be applicable.
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