unsecured loan by Director who is also a shareholder

    Posted By : damini / Published on : 05-Nov-2019 10:52 AM / View : 347 / Comment : 0
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    A pvt. ltd purchased a land from B ltd. which had Mr. D as common director.

    Now instead of paying B ltd for land Mr. D (having an unsecured loan on B Ltd.) transferred his existing unsecured loan from B ltd. to A pvt. ltd. thereby paying B ltd. against the Land. this transaction is dated 26/03/2019.

    Current situation is: an unsecured loan is in the books of A private ltd. by Director who is also a shareholder.

    Please guide on the Compliance part being a Private Limited Company its an urgent query.
    Read more on : shareholder also director loan unsecured



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