Aniruddha Paralikar (CA Final CS Mcom PGDFS) (71 Points)
22 February 2010Whether a public company is required the compliance of section 295 of companies act if, the company gives an advance to a director for travelling purpose which is to be setltled after some time?
whether the advance can be treated as loan to director and compliance to sec 295 is required?
or it can be treated as pure business advance and no compliance of sec 295 is required?
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 22 February 2010
As this kind of privilege is not available to other employees, so this is a case for section 295. In other words section 295 is applicable to your case. However this is my opinion. Views of other members solicited.
Best Regards
Aniruddha Paralikar
(CA Final CS Mcom PGDFS)
(71 Points)
Replied 22 February 2010
@ Ankur Garg
Thanx sir,
but then even for simple travelling advances or for any business advances to directors needs Central Government Approval?
thanks in advance
Aniruddha Paralikar
(CA Final CS Mcom PGDFS)
(71 Points)
Replied 22 February 2010
@ Ankur Garg
Thanx sir,
but then even for simple travelling advances or for any business advances to directors needs Central Government Approval?
thanks in advance
CAclubindia
