Dear experts,
please answer my query.
An unlisted public company gave an loan interest free Rs.265,000 to a director X in contravention of Section 295 during the FY 2006-07. The auditor qualified this in his report, but no action was taken by ROC.
Now this director has resigned from the company on 01.04.2009 and transferred his entire shares. During the period, he has returned only about Rs.3,000. The company is considering to write off Rs.262,000 due from him.
Is this possible? what are the procedures to be followed?
Another Director Y was given a advance for conducting the business of the company. Mr.Y has resigned from the board with some surplus money due to the company, and he also transferred his stake. Can this amount be written off as an irrecoverable debt? Is there a process to be followed?
What are the adverse implications from govt authorities in both the cases?
Please explain to me what to do.. i will be very grateful.. thanks in advance...
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Writing off a loan to a former director