section 186 Loan to person and entry in Form MBP-2

[ACS suresh chaudhary]

The employees of the company take loan/advance for few months and it shall be deducted from their salary . Is this loan/advance be included in the Form MBP-2?Is this covered under section 186 of the Companies Act, 2016?

[Naveen Kumar]

Yes, suresh ji, company can give the loan to its employee but not exceeding the limit prescribed in Sec. 186 (2) and (3) and entry relating thereto shall also be include in the register maintained in Form MBP-2...   

On Mon, Jun 27, 2016 at 4:25 PM, ACS suresh chaudhary <cssuresh...@gmail.com> wrote:

The employees of the company take loan/advance for few months and it shall be deducted from their salary . Is this loan/advance be included in the Form MBP-2?Is this covered under section 186 of the Companies Act, 2016?

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Regards

Naveen Kumar

[ACS suresh chaudhary]

Every month 10-15 employees on an average took  loan/advance for few months. Did the company Hold a BM every time and passed a resolution for such petty issue? 

In  an emergency, an employee demanded some money as advance, Did the company say to him to wait till a  Bm is conducted, and then we will give him the money? Is it possible?

Did the Advance against the salary come under the term "Loan" for the purpose of Section 186?

[ACS suresh chaudhary]

A freind replied with circular. pfa.

On Monday, June 27, 2016 at 4:25:58 PM UTC+5:30, ACS suresh chaudhary wrote:

[ACS suresh chaudhary]

phew ! great Relief !

On Monday, June 27, 2016 at 4:25:58 PM UTC+5:30, ACS suresh chaudhary wrote: