Interest on loan given by pvt ltd company
This query is : Resolved
25 October 2016
abc pvt ltd company has given some unsecured loan to xyz pvt ltd company for certain benefit from xyz pvt ltd company and on account of benefit the abc pvt ltd company has not provided interest on unsecured loan. Whether abc pvt ltd company has violated companies act
26 October 2016
Yes, this transaction falls under Section 186 of Companies Act. Interest should be charged for such loan. Please refer 186(7) of Companies Act.
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