Loans from individuals other than directors and shareholders
This query is : Resolved
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.
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'.
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.
11 June 2013
Thank you Sir....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- FCRA 6 E- Intimation
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- Bank details not Visible on Traces Portal
- Journal entry of busniess expenses
- EXPORT COMMERCIAL INVOICE HSN CODE
- The TDS balance for March 26 shows a mismatch between the books and the portal; what should be done
- Cash balance limit and property purchases limit
- Filling ITR - U
- Form 140 tds
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
