Loan to sole proprietaryship concern
This query is : Resolved
28 May 2015
Dear friends,
One of our client company, which is unlisted public limited, has extended loan to a sole Proprietorship Concern, owned by one of the directors of that public company.
Does this attracts the provisions of Section 295 of the Companies Act, 1956?
Please advice.
Regards,
Soumya
One of our client company, which is unlisted public limited, has extended loan to a sole Proprietorship Concern, owned by one of the directors of that public company.
Does this attracts the provisions of Section 295 of the Companies Act, 1956?
Please advice.
Regards,
Soumya
29 May 2015
Yes, it means 'Loan to Directors' and it attracts Section 295 of old act, if transaction happened in old act and Section 185, if it happened in new act.
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