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Inter Copany Loans

This query is : Resolved 
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(Querist)
09 April 2010 Can a Company X utilize loan taken by bank fro giving loan or advance to another related or group Co. Company Y.

Whats the Procedure involved in it.
As a Auditor what points in it need to be checked.

Kindly Review the Sections affected.
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CA Robin Betala

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CA Robin Betala (Expert)
09 April 2010 When there is loan from public finanacial institution in a company and company is giving any inter corporate loan , the company is required to get prior approval of Public financial institute . Sec 372A
Auditor must check whether prior approval of PFI is taken or not
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
09 April 2010 AGREED
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
09 April 2010 agree

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