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?
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Loan to director
Replies (3)
Sec.185 of Companies Act 2013 specifically prohibit such loans. Auditor should consider its effects on his report.
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.
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