Contact Us
Address : T-3, 3rd Floor, 207, Hari Kripa Complex, Zone II, M.P. Nagar, Opp. Agarwal Rajbhog Restaurant, Bhopal – 462011 (M.P.)
Phone : +91 9111575222, +91 8827131195
Email : pcsyashpareek@gmail.com
Annual Return on Foreign Liabilities and Assets
LOANS BY COMPANY TO DIRECTOR(S)
1. Applicable Statutory Provisions of the Law:
Following Statutory Sections of the Companies Act (including Amendments therein) have been
covered as follows:
- Section 185 of the Companies Act, 2013 (Notified on September 12°, 2013) and
- Companies (Amendment) Act, 2017 (Effective from May 07*", 2018).
2. Loan
Loan is not defined under the Companies Act, 2013. However in normal parlance any transaction
in which money is given with the intention to be returned, with or without interest is loan.
We have listed some parameters to identify and to recognize a transaction as loan or not:
- Amount — in cash or kind
- Given to a borrower
- Agreement (express or implied) to repay
- Recognition of liability by the borrower to return it with/without interest.