Dear Sir ,
I have question kindly answer it.
A pvt ltd company has taken a loans from another companies (public and private both). We say that the transaction is not covered by Section 58A, but section 372A.
Now does section 372A also covers loans accepted? as the language seems to be talking about only loans given and not accepted.
Also the section is not applicable to private company unless it is subsidiary of Public company. Then how is the same covered by section 372A?
Does that mean the loan taken from another company by a private company, is covered only by section 58A, where pvt company is specifically exempted from its compliance
Kindly solve these queries.
Regards,
Pavan Goyal
CAclubindia
