A company has advanced loans to persons covered under section 2(22)(e). So it contravenes this section. It also contravenes section 295 of the Companies Act.
My question is:
1) What can be done to save a company from the repercussions of violation of both this sections.
2) Is there some way out legal or other, so that company escapes the penalties, etc. from the violations.
Please help by replying ASAP
Thanks & Regards,
Menu
Loan to Directors
Replies (1)
Hi...
Compounding of offence u/s 621A would be an option available as far as violation of company law is concerned. Offence u/s 295 is very much compoundable.
Regards
Recent Topic
- Money transction within Family
- ITR-2 salary breakup updation
- Application for ₹2 Crore Term Loan under Cre
- ITR-2 Schedule CG: Indexation cost ignored for lan
- INCOME TAX NOTICE 143(2) - FY 2024-2025
- Unable pay Self Assessment Tax - Netbanking and De
- Section 192 2(b) entry in IT return ITR 1
- Rent from redevelopment property
- How to find FMV of inherited gold after selling it
- Happy CA Day!!
Related Topics
CAclubindia
