What will be the Auditors Action in case Director has taken loan/Advance from Private Company after 30/9/2013?
Is there any provision in case Director takes loan from his co.(Pvt.Ltd) in his own name and gives to his friends for any purpose?
What will be the Auditors Action in case Director has taken loan/Advance from Private Company after 30/9/2013?
Is there any provision in case Director takes loan from his co.(Pvt.Ltd) in his own name and gives to his friends for any purpose?
It will attract penalty amounts to Rs. 5 lakhs to 25 lakhs as per new companies act. But new companies act Applicable from April,1, 2014 only... Refer sec 185 of new companies act..
But u have to mention in ur financial statement as related party disclousure and in CARO also u have to mention the same..
Report as Related Party Disclosure as per CARO.
Karia Overseas
Ahmedabad
CA
View Details
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
View Details
CAclubindia
