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Query on loan by a company from a director

Others 1520 views 3 replies
loan from director by a company as per companies act need to be reported in aoc2 Or not
Replies (3)
It's an exempted deposit u/r 2(1)(c) of companies (AOD) Rules , subject to declaration by director that means of lending are from his own pocket and not from borrowed funds ,So DPT -3 reporting if o/s as on 31/03 is required ,,secondly AOC-2 requires all kind of related party transactions whether in ordinary course or not or arms length basis or not ? So as per my view Loan from director should be mentioned in AOC-2 by keeping in mind transfer of resources,services and obligations etc and there is no harm as such ...
Ok Thank you
Loan from Director does not covered under section 188, no need to report in AOC 2


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