A company has in previous years obtained an Interest free loan from other group company amounting to Rs. 215 million. Under the Companies Act, 2013, there is a restriction on inter corporate loan between Companies having common directors (section 185)
Whether Sec. 185 is applicable for 2013-14 statutory audit, since Companies ACt 2013 is applicable w.e.f. 01st April 2014.
Pls advice
CAclubindia
