Loan to director under company act 2013
This query is : Resolved
09 November 2013
Can a private limited Company advance a loan to the director with a condition of charging interest at the bank rate pursuant to Section 185(b)?
10 November 2013
Yes you can charge at such rate.
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https://www.caclubindia.com/articles/can-a-company-give-loan-to-its-group-companies--18821.asp#.Un8ljRenyVE
For more details, go to the following link:
https://www.caclubindia.com/articles/can-a-company-give-loan-to-its-group-companies--18821.asp#.Un8ljRenyVE
11 November 2013
Sir, but Section 185 is silent about exact detail procedure to be followed for above compliance? i.e whether board resolution require/ how to charge interest on each transaction/how to make repayment.etc. please provide your valuable opinion.
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