Under CARO reporting for pvt ltd. co., loans taken from the HUF where director is the karta, whether disclosure under clause (iii) is required,
i understand that sec 2(41) read with Sec 6 and schedule IA inter alia provides a relative to include 'members' of HUF,
My ques is Whether dealing with the HUF and not its individual members, is also covered under dealing with relatives and hence reportable in CARO??? Please justify...
Yes Reporting is Required.
In CARO 4 iii (a) refence of parties covered under reg. maintained U/s 301 is given. Section 301(3) of the Companies Act requires a Register to be maintained which shall also specify in relation to each director of the Company, the names of the firms and bodies corporate.
As the name of HUF will be there in reg. Maintained U/s 301. Reporting under CARO iii is required.
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