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Companies Act

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(Querist)
15 April 2010 Whether advance salary paid to directors is considered as Loan to Directors under Companies Act?
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Jagruti (CS)

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Jagruti (CS) (Expert)
17 April 2010 Loan can be defined as any sum paid to person upon understanding that it will be returned.

Advances which are paid to director are not liable to be recovered.

Hence, advance may not be considered as loan to Director

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