naina singh (student) (111 Points)

25 May 2008  

Greeting Members,

During the audit of a Private limited company, i noticed that the company has accepted and also given the loan to various person/parties(some are individual or some are companies or some are HUF). some of them are related to the company or some are not. While finalising the Balance Shhet and Audit Report my senior told me to check whether section 58A  of the Companies Act applicable to them or not. I have no idea regarding the applicability of section 58A of the companies Act.

Please tell me the Cases where section 58A is applicable. and also whether section58A is applicable in that case or not.

And also guide me regarding the checking of applicability of Section299&301 of the companies ACt.

Its very urgent.

Thanks in advance