Regarding loans from directors

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himanshu (Querist)
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09 January 2012 any one can tell me that in case loans taken from relatives of director.
in which relatives means................?

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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09 January 2012 As per Section 6 read with Schedule 1A of the companies Act, 1956,

A Person shall be deemed to be a relative of another if and only if:
i) they are members of a Hindu Undivided Family,
ii) they are husband & wife,
iii) one is related to the other in the manner indicated in schedule - I A"

[SCHEDULE IA

[See section 6(c)]

LIST OF RELATIVES

1. Father.

2. Mother (including step-mother).

3. Son (including step-son).

4. Son's wife.

5. Daughter (including step-daughter).

6. Father's father.

7. Father's mother.

8. Mother's mother.

9. Mother's father.

10. Son's son.

11. Son's son's wife

12. Son's daughter.

13. Son's daughter's husband.

14. Daughter's husband.

15. Daughter's son.

16. Daughter's son's wife.

17. Daughter's daughter.

18. Daughter's daughter's husband.

19. Brother (including step-brother).

20. Brother's wife.

21. Sister (including step-sister).

22. Sister's husband.

Parashar

Parashar (Expert)
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09 January 2012 Agreed with Mithesh