Inter-corporate loan by Pvt Ltd company

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463 Points Posted on 01 August 2022

A company has given inter-corporate loan above the limit specified by sec 186(2) of companies Act, but has not filed special resolution (MGT-14) with MCA.

What are the reporting liabilities on auditor in such case (CARO not applicable) - Does he need to report it anywhere?

What if company now files it with MCA, what would be penalty for 8 months of delay.

Can a request for condonation of delay be filed? 

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On 01 August 2022 at 14:37 Report
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Quick Summary
This discussion addresses a private limited company that has provided an inter-corporate loan exceeding the limits set by Section 186(2) of the Companies Act without filing the required special resolution (MGT-14) with the MCA. It explores the auditor's reporting liabilities in this situation, considering CARO is not applicable. The consequences of delayed MGT-14 filing, including penalties and the possibility of filing a condonation of delay request, are also examined.

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1149 Points Posted on 01 August 2022
186 is not applicable on complying certain criteria on private company, however , if company exceed the threshold and has to comply 186 then delay in filing of MGT 14 will attract penal provision which is min 1 Lacs upto 25 lacs of Max .capping on company and Min.Rs. 50,000 to 5 Lacs Max on Officer in. default , with 500 Rs each day of default ,I'm not sure but condonation in CG-1 to be made with all facts

Disclaimer - For Educational Purpose only ,not to be construe any kind of legal or technical advice or opinion.
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On 01 August 2022 at 21:25
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463 Points Posted on 13 September 2022

What is auditor's liability in this respect.. Where he needs to put this in his report.

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On 13 September 2022 at 09:57
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463 Points Posted on 26 September 2022

Any suggestions for this?

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On 26 September 2022 at 15:11

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