Loan to md
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 January 2017
Dear Experts,
Pls clarify what is the criteria to granting Loan to its MD by company weather the company can grant interest free loan to MD. Also clarify the procedure be to followed in respect of Granting Loan to MD?
Thanks In Advance
Mohit Gupta
Pls clarify what is the criteria to granting Loan to its MD by company weather the company can grant interest free loan to MD. Also clarify the procedure be to followed in respect of Granting Loan to MD?
Thanks In Advance
Mohit Gupta
25 January 2017
As per section 185 of the Companies Act 2013, A Company can give Loan to MANAGING dIRECTOR OR WHOLE TIME DIRECTOR BY PASSING SPECIAL RESOLUTION AT A GENERAL MEETING AND LOAN SHALL BE GIVEN AS THE PART OF CONDITIONS OF SERVICES APPLICABLE TO ALL EMPLOYEES
27 January 2017
agreed with the expert. further i suggest to comply income tax act, 1961 as the director is salaried employee of the company.
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