unsecured loan
This query is : Resolved
CA Keyur Shah
(Querist)
10 December 2009
Can a pvt. co. take a loan from another pvt. co. in which no directors are interested??
this loan is for the purpose of business.
which are relevant section for this???? tell me about compilance for the same..
this loan is for the purpose of business.
which are relevant section for this???? tell me about compilance for the same..
10 December 2009
Yes, the loan can be taken. But a careful scrutiny is required of two matters:
1) Section 295 of Companies Act (Not applicable when the loan is given by Pvt Ltd. Co.)
2) Section 2(22)(e) of Income Tax Act
shareholding plays an important role in deciding.
1) Section 295 of Companies Act (Not applicable when the loan is given by Pvt Ltd. Co.)
2) Section 2(22)(e) of Income Tax Act
shareholding plays an important role in deciding.
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