Section 186 of the companies act, 2013
This query is : Resolved
01 August 2016
A private limited company has given loan of Rs.10,00,000/- to another private limited company on 08th Nov. 2013 ( When Section 186 of the Companies Act, 2013 was not in force) , the same is appearing in the Balance Sheet as on 31/03/2015 under advances to other.
Pl. know is there any limit for the repayment of the same or I has to qualfity MGT-7 under whether company has complied with all provisions of the law or not.
Pl. know is there any limit for the repayment of the same or I has to qualfity MGT-7 under whether company has complied with all provisions of the law or not.
01 August 2016
No time limit. The loan can still continue to appear in the books of accounts of Company. It can’t be renewed and is to be repaid at the end of the term. If it’s a loan repayable on demand then still it is suggested to make a formal agreement with tenure specified in it. If this can be done, no need to qualify MGT-7.
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