23 November 2013
I am having Pvt Ltd Co. with 1 lac Share Capital Turnover 3.5 Crore & having two directors,both director's are taking remuneration Q-1.I am taking loan from Non Banking Org.as morgage on my house,They say Appointment of MD/WTD is compulsory,Only MD/WTD can apply for Loan Is filing of Form 23, 25 or 25c with ROC is complusory or not? One Director also have propritership firm However if I appoint the same in EGM what is negative/positive? Please guide under Company's Act & Income tax
24 November 2013
Please clarify that whether you are taking a personal loan or for your company...
If it is for the Company, the determination of your position is upto the Lender...
Since yours' is of a private limited company, MD appointment can be done in the Board Meeting itself and General meeting approvals are not required unless and until some contrary stated in your articles of association.
Also as per the CA 1956, you need to register this with ROC by way of filing form 23 in this regard. (section 192 of the CA 1956)
Provision of CA, 2013 shall become applicable as and when it become applicable and currently no effect on your situation.
CAclubindia
