Dear friends,
X Private Limited is exempted from 372A,but, the implications of sections 299, 301 and the applicable accounting standards may also be examined in addition to what Dholakiaji has pointed out,please.
Same would the position with X Limited, the receiving the Company which would be exempt from section 58A ,but, compliance of sections 299, 300,301 and appllicable accounting standards needs to be ensured,please.
charms,
bipin
On Thu, Nov 4, 2010 at 11:16 PM, Dholakia Company Secretary <dholakia_companysecretary@yahoo.co.in> wrote:
X Private Ltd is exempted from 372A of the Act. If relations between X Pvt Ltd and Y Ltd have common directors or shareholders please examine deemed dividend under Income Tax Act. 2(22)(e). Section 295 not applicable. Only Section 292--board resolution to be passed.
Y Ltd is a borrower and hence 292 and 293 to be complied with. Section 372A and 295 have no applicability.
Thanks
cs b v dholakia
Dholakia & AssociatesCompany SecretariesMHB-11, Room No. 302, 3rd Floor, Shree Sarvodaya Co operative Housing ScoNear Bhavishya Nidhi Building, Service Road,Kher nagarBandra (East),Mumbai - 400 051. Tel. Nos. 26 58 03 09 / 26 47 62 80
--- On Thu, 4/11/10, Murli Purohit <mmpurohit1@yahoo.com> wrote:
From: Murli Purohit <mmpurohit1@yahoo.com>
Subject: [CharteredSecretaries] INTER CORPORATE DEPOSIT/LOAN
To: "chartered secretary" <CharteredSecretaries@yahoogroups.co.in>, "company secretary" <company_secretary@yahoogroups.com>
Date: Thursday, 4 November, 2010, 9:37 PM
Gentlemen We have about Rs 8 crores lying with us in X Pvt Ltd. Y Ltd are in urgent need of temporary funds, and we desire to give inter corporate loan from X Pvt. Ltd. to Y Ltd. Needs your comments to analyze the issue
RegardsMMPurohit9167222062
--
Bipin S. Acharya
Practising Company Secretary
CP 8 FCS 424
B/3, Ripple Apartments,
Near Hindu Mahila Milan Mandir,
Narayan Nagar,
Paldi, Ahmedabad- 380007
Ph: (079) 32516425
X Private Limited is exempted from 372A,but, the implications of sections 299, 301 and the applicable accounting standards may also be examined in addition to what Dholakiaji has pointed out,please.
Same would the position with X Limited, the receiving the Company which would be exempt from section 58A ,but, compliance of sections 299, 300,301 and appllicable accounting standards needs to be ensured,please.
charms,
bipin
On Thu, Nov 4, 2010 at 11:16 PM, Dholakia Company Secretary <dholakia_companysecretary@yahoo.co.in> wrote:
X Private Ltd is exempted from 372A of the Act. If relations between X Pvt Ltd and Y Ltd have common directors or shareholders please examine deemed dividend under Income Tax Act. 2(22)(e). Section 295 not applicable. Only Section 292--board resolution to be passed.
Y Ltd is a borrower and hence 292 and 293 to be complied with. Section 372A and 295 have no applicability.
Thanks
cs b v dholakia
Dholakia & AssociatesCompany SecretariesMHB-11, Room No. 302, 3rd Floor, Shree Sarvodaya Co operative Housing ScoNear Bhavishya Nidhi Building, Service Road,Kher nagarBandra (East),Mumbai - 400 051. Tel. Nos. 26 58 03 09 / 26 47 62 80
--- On Thu, 4/11/10, Murli Purohit <mmpurohit1@yahoo.com> wrote:
From: Murli Purohit <mmpurohit1@yahoo.com>
Subject: [CharteredSecretaries] INTER CORPORATE DEPOSIT/LOAN
To: "chartered secretary" <CharteredSecretaries@yahoogroups.co.in>, "company secretary" <company_secretary@yahoogroups.com>
Date: Thursday, 4 November, 2010, 9:37 PM
Gentlemen We have about Rs 8 crores lying with us in X Pvt Ltd. Y Ltd are in urgent need of temporary funds, and we desire to give inter corporate loan from X Pvt. Ltd. to Y Ltd. Needs your comments to analyze the issue
RegardsMMPurohit9167222062
--
Bipin S. Acharya
Practising Company Secretary
CP 8 FCS 424
B/3, Ripple Apartments,
Near Hindu Mahila Milan Mandir,
Narayan Nagar,
Paldi, Ahmedabad- 380007
Ph: (079) 32516425
No comments:
Post a Comment