Rectification of loan taken by private Company from outsiders

[Neelam Somani]

Dear Colleagues,

How to rectify the loan taken by private company from outsiders or how it can be adjusted?

[Suresh Singh Sountyal]

Repay it before the Balance sheet date i.e. 31st March

On Wed, Aug 11, 2021 at 5:36 PM Neelam Somani <neelams...@gmail.com> wrote:

Dear Colleagues,

How to rectify the loan taken by private company from outsiders or how it can be adjusted?

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CMA Suresh Singh Sountyal

Practicing Cost Accountants

  9555-0534-03   

 

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[Neelam Somani]

But throughout the year it will be in violation, how can it be justified?

[Suresh Singh Sountyal]

Could it be possible that shareholders of the company transfer a nominal amount of shareholding to outsder that 1% or less for the time being on backdating and later acquire shareholding back. The FUrther loan should be subject to sections 186 and 179 of the Companies Act, 2013

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[Sarvajit S. Yadwad]

Dear Suresh Ji,

Just need clarification. If backdated transfer of shares to be shown, how can you pay stamp duty today ? Delay in payment of stamp duty needs adjudication of default if I am not wrong.  

Thanks & Regds,

CS Sarvajit S. Yadwad

9765144257

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[CS Nagpur]

I guess, If your Doing Backdated transactions then You should pay stamp duty offline or through Revenue stamps. Online Payments is not solution 

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[Suresh Singh Sountyal]

Yes, we could pay it through revenue stamp

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[Neelam Somani]

Thank you all for the suggestion.

[email...@gmail.com]

I have the same case but the loan taken is from a foreign company.

How to adjust or rectify, financial year crossed.

Adv. Hyder

Corporate Lawyer.