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Querist : Anonymous (Querist)

09 October 2012 Loan from director Will come under AS18 (related party transtion ) and in CARO ?

Ajay Mishra

Ajay Mishra (Expert)
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09 October 2012 Hi

Section 292, and section 3(1) (iii) of the Companies Act, 1956 deal with Loan from directors in case of private company. The provision of section 58A will not apply to private company.

In case of Public company, the provision of section 292 and 293 will apply.The provision of section 58A will not apply to public company if loan is taken from director.

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