Kavitha (-) (210 Points)
09 May 2014Dear Friends,
As per Section 185 of the Companies Act, 2013, loans to directors are restricted from 12/09/2013.
What about loans as on 12/09/2013?
Till what time loans as on 12/09/2013 be repaid by the directors to the Companies? It will be of grat help to me if you can give me related circular or notification mentioning date of repayment of loan by directors.
Regards,
Kavitha.
P C Agrawal
(Registered independent director Past Ch)
(8229 Points)
Replied 10 May 2014
Section 185 does not have retrospective effect. Hence old loans given as per provisions of CA 1956 can continue as per original terms. However, new loan will be covered u/s 185.
Rajiv Agrawal
(Company Secretary)
(82 Points)
Replied 23 May 2014
Sir,
whether the same is confirmed by any mca circular or notification
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