Payment by directors on behalf of co. for property

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RICHA MAKHIJA (Querist)
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18 March 2016 Can Directors Pay for property on behalf of Pvt. Ltd. co. and later registry of property under name of Pvt, Ltd.Company is done.
please provide with reference to law and its treatment in accounts.

c.bakshi

c.bakshi (Expert)
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19 March 2016 yes, director can give unsecured loan to the company but the payment should be made by banking channel. the money stands in the credit of the director paying the amount of money for property

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RICHA MAKHIJA

RICHA MAKHIJA (Querist)
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19 March 2016 Sir payment to seller of property is made by personal bank a/c of director..... can that property be registered under name of company by passing an resolution or by MOU.to give authorization to pay on behalf of co...????

c.bakshi

c.bakshi (Expert)
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21 March 2016 NO, Director with Banking channel transfer such money in the bank account of the company and thereafter you can process the payment. Directors are also entitled to interest.

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