27 September 2014
Dear Experts as per new companies act, loan from shareholders is considered as deposit. However loan from directors is permitted. What if directors of company are shareholders too...does loan in this case need to be reported in DPT4???
The first Thing is to notice whether he/she is covered under the meaning of Director or not... if they do cover under the meaning of Director First... then they are eligible... e.g. a newly incorporated co. first they becum director and afterwords become shareholder
CAclubindia
