Loan by one company to one person company
This query is : Resolved
04 October 2024
A one person has accepted a loan from another private limited company .The director is both director in one person company and private limited company.Can accept it the same?Can we show that as unsecured Loan?
05 October 2024
Section 185(2) allows a company to give loans to any person/entity in whom any of the directors are interested in subject to certain conditions.
The conditions which are to be fulfilled for advancing loans or providing guarantee or security to the person in whom the director is interested is-
The company must pass a special resolution in general meeting.
The borrowing company must utilise the loan granted for its principal business activities.
The explanatory statement to the notice of the general meeting in which such a resolution for granting the loan is passed should disclose:
full particulars of the loans or guarantee given or security provided and
purpose for which the loan or guarantee or security is proposed to be utilised by the person receiving the loan.
The conditions which are to be fulfilled for advancing loans or providing guarantee or security to the person in whom the director is interested is-
The company must pass a special resolution in general meeting.
The borrowing company must utilise the loan granted for its principal business activities.
The explanatory statement to the notice of the general meeting in which such a resolution for granting the loan is passed should disclose:
full particulars of the loans or guarantee given or security provided and
purpose for which the loan or guarantee or security is proposed to be utilised by the person receiving the loan.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- PAYMENT NOT SEND IN 180 DAYS
- DTCP approval
- Should I report my US salary for January, February, March in Schedule FA?
- GST ON EXPORT COMMISSION
- Is this income indian or foreign income?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
