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loan to shareholder and its director

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(Querist)
31 March 2010 a pvt. co. can give adv to their director and shareholders
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Ankur Garg

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Ankur Garg (Expert)
31 March 2010 Hello,

As by virtue of section 295(2)(a)(i) provisions of section 295 are not applicable to a purely private company hence it can provide adv to directors.

Regards
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
31 March 2010 PLEASE ALSO CHECK THE SHAREHOLDING OF THE DIRECTOR/SHAREHOLDER. IF IT IS MORE THEN 10% AVOID GIVING LOAN AS THE SAME CAN COME WITHIN THE PERVIEW OF SEC.2(22)(e) i.e. Deemed Dividend.
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
01 April 2010 agree with expert
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
27 January 2011 I also agree with the reply of Ankur Garg.
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