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This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 October 2012
Loan from director Will come under AS18 (related party transtion ) and in CARO ?
Ajay Mishra
(Expert)
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.
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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