Query: If any Private Limited Company has taken unsecured loan from its director and their relatives during 2014-15 then how this will be reported in Audit report, Director report and notes to accounts.
Answer: As per Companies Act 2013, Companies are allowed to take loan from directors but are not allowed to take loan from the relatives of directors, during the F.Y 2014-15.
Therefore, loan taken by Companies from the relatives of director(s) is required to be qualified by the Auditor in his Auditor's Report and the Board is required to answer the qualified opinion of Auditor in Director's Report or Board Report.
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