Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Query on loan by a company from a director

Tanuj Chandra Saxenaa (Company Secretary) (7075 Points)

15 December 2021

loan from director by a company as per companies act need to be reported in aoc2 Or not

Reply
Follow
Share

3 Replies

Chirag (Professional) (1979 Points)
Replied 16 December 2021

It's an exempted deposit u/r 2(1)(c) of companies (AOD) Rules , subject to declaration by director that means of lending are from his own pocket and not from borrowed funds ,So DPT -3 reporting if o/s as on 31/03 is required ,,secondly AOC-2 requires all kind of related party transactions whether in ordinary course or not or arms length basis or not ? So as per my view Loan from director should be mentioned in AOC-2 by keeping in mind transfer of resources,services and obligations etc and there is no harm as such ...

1 Like