12 December 2009
A Public Company has accepted an unsecured loan from a Director. What compliances should the Company follow now? What reporting should the CS give in the Compliance Certificate if no compliances have been made as yet.
12 December 2009
Deposits from Directors fall under the category of exempt deposits.
Compliance to be followed: 1) Certificate from Director that the funds are not borrowed and are his own funds. 2) In the Balance Sheet show the loan under the Unsecured Loanss - Loans from Director category.
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