Loans from individuals other than directors and shareholders
This query is : Resolved
urvashi sharma
(Querist)
09 June 2013
whether form no. 8 is required to be filed with ROC for loans taken from outsiders (i.e. individuals other than directors, their relatives and members of company), which are secured by only personal guarantee of directors?
Plz guide me. It's urgent.
Plz guide me. It's urgent.
09 June 2013
No need as per section 125(4) of the Companies Act,1956.
urvashi sharma
(Querist)
10 June 2013
Thank you so much sir.
kindly also tell under which head of Loans, such loans i.e. loans taken from individuals other than directors, their relatives and members of the company secured only by personal guarantee of directors, will be shown in B/S of the company? Whether under Secured Loans or Unsecured Loans.
kindly also tell under which head of Loans, such loans i.e. loans taken from individuals other than directors, their relatives and members of the company secured only by personal guarantee of directors, will be shown in B/S of the company? Whether under Secured Loans or Unsecured Loans.
10 June 2013
Personal guarantee can't be considered as security. Disclosure (as per revised schedule VI) depends upon whether 'long term' or 'short term'. If long term, classify in 'Non- current liabilities' under line item 'long term borrowings'. If short term in 'current liabilities under line item' 'short term borrowings'.
urvashi sharma
(Querist)
10 June 2013
Agreed Sir, but Long or Short term borrowings are further classified as Secured and unsecured borrowings and my question is whether loan secured only by personal guarantee of directors will be classified under secured loans head or unsecured loans head?
10 June 2013
Personal guarantee can't be considered as a security. Hence loan is unsecured.
urvashi sharma
(Querist)
11 June 2013
Thank you Sir....
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