Applicability of SEC 58A, 58AA

Sanjeev Bansal (Practising Chartered Accountan)   (36 Points)

24 October 2007  

Hi All,

I need the opinion regarding applicability of sec 58A and 58AA.

We converted the partnership firm into Pvt Ltd Co. The loans which we have carried to Company how they will be legalised under the provisions of above mentioned sections, as these loans are from the parties which are prohilbited under these Secs.

Guide me on this.