What will the effect if Company takes loan from Managing Directors in the event of shortage of funds?
What are the compliances if any?
2 Replies
CS Divesh Goyal
(Practicing Compnay Secretary)
(52055 Points)
Replied 02 December 2014
Company can take loan from director. Just director.will give one.declaration that fund is relating.to his own funds not.borrowed
P C Agrawal
(Registered independent director Past Ch)
(8229 Points)
Replied 03 December 2014
Compliances for the company:
.
- Ensure that the loan is within the limits specified u/s 180(1)(c)
- Pass Board resolution u/s 179(3)(d) only in meeting
- File Form MGT.14 with ROC
Recent Topics
- Notice rec.under section 74
- Advance Tax on LTCG on sale of property
- How to claim tax refund on salary not paid
- Wrong TAN used to pay and File TDS Returns
- Income Tax Filing Mistakes Most Freelancers Make &
- Tally Prime is showing license expired even after
- Income tax ltccg
- RCM missed, how to pay & claim now?
- Income Tax Refund Delay? Here's What You Should Do
- SFT-005 Transaction for Purchase of Term Deposit f
Related Threads
Trending Online Classes
-
Live Course on EPF & ESI Act - Mastercourse(With Govt Certificate)
Mr.Balamurugan Ranganathan16 June 2025
CAclubindia
