Menu
Section 185
What is the legal status of existing loan which is given to common director company before came in force of companies act 2013.
Replies (2)
Loan given before 12.08.2013 is not covered under section 185 of companies act 2013 as the act says “no company shall ‘advance’ any loan or ‘give’ any guarantee or ‘provide’ any security…….” which is in future tense and therefore section 185 of companies act 2013 applies prospectively. But, the same loan should not be renewed or altered.
Thank nupur
Recent Topics :
- Practical queries on buy back of shares
- Any faculty recommendations for latest batch recor
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
Related Topics :
CAclubindia
