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Nidhi company restirctions
I WOULD LIKE TO KNOW THAT WHETHER NIDHI COMPANY CAN LEND MONEY TO ITS MEMBER BEING PARTNERSHIP FIRM AND ALSO WHEN THE DIRECTORS OF THE NIDHI COMPANY AND THE PARTNERS OF THE PARTNERSHIP FIRM IS SAME INDIVIDUALS?
ALSO IS THERE VIOLATION OF ANY OTHER LAW THAN ALSO PLEASE POINT OUT THE LAW AND RELEVANT SECTION
THANKS AND REGARDS
Replies (1)
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION G.S.R 465(E) Serial
No-10 states that Section 185 ca2013 Shall not apply, Provided the loan is given to a director or his
relative in their capacity as members and such transaction is
disclosed in the annual accounts by a note.
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