Loan from director
This query is : Resolved
20 May 2016
A Listed Company took a loan from its Director through another Private Company in which he is also a director. Is this transaction comes into related party transaction? Please also refer the relating law.
Thanks in advance.
Thanks in advance.
20 May 2016
No , it is not the related party Transaction. Tough it is covered under the definition of section 2(76) of the Companies Act 2013, which defines related party, but Such a transaction are not covered under section 188(1), which describes the related party Transaction. So taking loan from the director, which is also the director of the Company will not come under the purview of section 188(1).Hence it is not the related Party Transaction
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Applicability of Ind As to associate of associate
- Filing of Form 10BB instead of Filing Form 10B
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- HSN Details in IFF/GSTR-1 & in GSTR 9
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
