Use of company's funds
This query is : Resolved
05 February 2016
A Private Limited Company owns a commercial property which is let out @ ` 400000/- per month. The company have only this source of income, the directors wants to use the surplus money after paying Income Tax as director’s remuneration. This huge remuneration have no nexus with the activities of the company but the directors state that they have no option otherwise to use the money.
Kindly advice whether the withdrawal is justified.
If apart from this method there is any other procedure then kindly narrate it.
Kindly advice whether the withdrawal is justified.
If apart from this method there is any other procedure then kindly narrate it.
05 February 2016
Seems it is not a fair practice.
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