Loan to outsider

This query is : Resolved

siddhi08 (Querist)
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11 July 2013 Dear Experts,

There is one limited company, have given loan to the individual person. This is allowed? It will be treated under sec 372?
and how to incorporate this event in the Minutes?

Thanks,
siddhi

Ajay Mishra

Ajay Mishra (Expert)
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11 July 2013 Hi

Transaction covered by sec. 372A Rs:

a. Loan to any other body corporate including Deposit and debenture
b. Guarantee / Security, in connection with loan made by any other person to any body corporate & vice versa
c. Security, in connection with loan made by body corporate to any other person & vice versa
d. Investment by way of subscription, purchase or other wise in securities of any other body corporate

In your case loan give to individual person is not covered under section 372A.

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