08 February 2011
Dear Experts, Ours is a pvt ltd company. Two of our directors have mistakely takne advances from company in the month of nov 10. Suppose this remians o/s till march 11 end.
Is this allowed as per rules?
suppose this advances taken by director is returned to company in the month of Feb 11. though we need to rport in our 3cd?
08 February 2011
Section 295 containing provisions relating to loan to directors is not applicable to a private company. Yours being a private limited company therefore can lend to Directors.
CAclubindia
