Loan taken
This query is : Open
27 September 2020
Mr. A has taken loan from Mr. B of Rs. 100000/- and has repaid part of the loan of Rs. 50000/- to Mr. B through a Company M/s XYZ Pvt. Ltd. in which Mr. A is a Director. Whether such payment shall be considered repayment or not. Is there any consequence to be faced by the company or Mr. A in the above transaction.
Please guide.
Please guide.
Message likes :
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07 October 2020
As per sec 185 of Companies Act,2013 no company shall directly or indirectly advance any amount to its director. Hence XYZ cannot repay the debt to Mr.B
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