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?
tirtha raj tamang (article assistant) (66 Points)
07 June 2014What 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?
Vinay Garg
(Service Tax Expert)
(780 Points)
Replied 07 June 2014
Gangatharan
(Partner)
(108 Points)
Replied 09 June 2014
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..
NILA REJESH P
(Chartered Accountant)
(815 Points)
Replied 19 June 2014
Report as Related Party Disclosure as per CARO.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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