Sec 185, sec 186
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 April 2014
as per new companies act 2013 a company cannot give loan or investment to director .
my client is director in 16-17 private companies . the companies have internal group transactions. ie loan given and taken . the compaines have purchased share in sister concern though the holding is less than 10%.
what should be done for these loans and investment according to the new companies act.
my client is director in 16-17 private companies . the companies have internal group transactions. ie loan given and taken . the compaines have purchased share in sister concern though the holding is less than 10%.
what should be done for these loans and investment according to the new companies act.
SHAKTI JINDAL
(Expert)
17 April 2014
Position so far is that if the loan is in accordance with a contract for a fixed period, it may be kept for such period else, in all likelihood, till any further clarification comes in this respect, the same will have to be repaid.
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