Unsecured loans by pvt.co.
This query is : Resolved
30 October 2010
Dear members
Can a private limited co. get unsecured loan from the relatives of the members and from outsiders?
The pvt. has already got unsecured loan from its directors. Is the comapny required to record the above details in the Register of contracts?
Should the auditor of the above co. disclose the loans given to directors in the audit report?
Kinldy clarify.
thanks & regards
Can a private limited co. get unsecured loan from the relatives of the members and from outsiders?
The pvt. has already got unsecured loan from its directors. Is the comapny required to record the above details in the Register of contracts?
Should the auditor of the above co. disclose the loans given to directors in the audit report?
Kinldy clarify.
thanks & regards
30 October 2010
Section 3(1)(iii)(d) of the companies Act,1956 prohibits acceptance of loan from outsiders.
Sections 297 and 299 of the said act do not apply to loan from directors and hence no need to record the same in the register of contracts maintained by the company.
In view of the above ,the statutory auditor need not mention the loan given to directors in the 227(4A), CARO ,report.
Sections 297 and 299 of the said act do not apply to loan from directors and hence no need to record the same in the register of contracts maintained by the company.
In view of the above ,the statutory auditor need not mention the loan given to directors in the 227(4A), CARO ,report.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Regarding IMS Mandatory from 1st July 2026
- Interest on SCSS
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
