Borrowing from other company

This query is : Resolved

rajni (Querist)
Follow

24 November 2013 Sir,

One of my clint is private limited compnay. its wants to take unsecured loan from other private company. can it take the loan. what happen when some directors of other company are same in our company.

Sooraj Nandan

Sooraj Nandan (Expert)
Follow

24 November 2013 Hi Rajni,

Answer to your first Q:

In normal situation, this will be treated as an inter corporate loan and section 372 A of the CA 1956 needs to be taken care. Since 372 A is not applicable to a private limited Company you can very well accept the same.

On your second Q, New Companies Act, 2013 does not allows loan to directors and their interested concerns by a Company.. and thus in your case it is not possible...

Sooraj@9940492568

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Michael & Co.

CA K GIRIDHAR

Samruddhi Agrawal

MURALIKRISHNA EDDANAPUDI

Namita Fule

Subscribe Now

Borrowing from other company

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Manager- Finance and Compliance

Accountant

GST CONSULTANCY

Senior Executive

CA Final