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Loans By Company Applicable to Pvt Co in Companies Act, 2013


Sneha (Company Secretary)     18 September 2013

Sneha
Company Secretary 
 285 likes  1594 points

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Presently provisions of Section 372A of Companies Act 1956 relating to Inter-corporate loans and investments are not applicable to private companies

 

However, now corresponding new Section 186 of Companies Act 2013 relating to Loan and investment by company. (which is yet to be made effective) has taken away such exemption from private companies   Compliance on the part of private companies will increase substantially.


 

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Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com )     18 September 2013

Dipjyoti Majumdar
CA in service & CS. dipmaj@ rediffmail.com  
 200 likes  3414 points

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Also, Sneha, as pointed out by learned Mr. P.C.Agrawal in this forum,private companies cannot give loans to directors except under special cases under section 185.

Regards,

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Ajay Mishra (Company Secretary)     18 September 2013

Ajay Mishra
Company Secretary 
 4455 likes  74277 points

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Good ovservation Sneha......

 

The private company  ans wholly owned subsidiary words has be deleted under section 186 of new CA, 2013 in comparission to section 372A of the CA, 1956.

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Sneha (Company Secretary)     19 September 2013

Sneha
Company Secretary 
 285 likes  1594 points

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Yes, Dipjyotiji..absolutely..

Thanks Ajayji.. :)

DS Sajwan (MBA)     07 October 2013

DS Sajwan
MBA 
 58 points

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Thanks for share.


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