Director loan

Hi As per my understanding, you will just have to follow two requirements form Companies Act 2013 purview.... 1. To exclude such loans from the purview of deposits, the director from whom money is received, furnishes to the company at the time of giving the money, a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others; 2. check the compliance with sec 180 (1)(c) and comply accordingly.... It does not matter whether it is in cash....however, you have to check the provisions of Income Tax act for the same... Regards

plz clarify whether the section 74 of CA, 2013 is applicable on NBFCs?

As in Sec. 73 & 76 it is clearly mentioned that these will not apply to NBFCs, but not in Sec. 74

Hi Rajiv, As per my understanding, Sec 74 is applicable on NBFCs as well and they have to file the required return with the ROc...