Relative of Directors
This query is : Resolved
02 July 2009
If Loans taken from relatives, is it necessary to make them shareholder of the company?? plz give reference of applicable section.
Thanks & Regards
Vandana
Thanks & Regards
Vandana
02 July 2009
Hi Vandana,
No.
It is not necessary at all to make them shareholder of the company.
In books of accounts they should be treated as creditors.
I don't think there is any section in company act which deals with such case specifically.
Best Regards
No.
It is not necessary at all to make them shareholder of the company.
In books of accounts they should be treated as creditors.
I don't think there is any section in company act which deals with such case specifically.
Best Regards
02 July 2009
In a private loan can be taken from shareholders, directors and their relatives.
If loan is taken from any other person, the company becomes a public company on violation of Sec.3(1)(iii).
If loan is taken from any other person, the company becomes a public company on violation of Sec.3(1)(iii).
02 July 2009
agree with the experts
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
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Import license renewal
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- 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
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
