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TMI BlogWrong credit of loanX X X X Extracts X X X X X X X X Extracts X X X X ..... The directors of one Nidhi company approached their bank for getting personal loan mortgaging their own properties. In the same company is also maintaining its account. The bank wrongly credited the entire loan amount in the accounts of the company and distributed the said amount to the directors. The said fact came to be known when the company accounts is audited by the auditor. How it coul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d be rectified. - Reply By KASTURI SETHI - The Reply = Dear Sir, The company should repay the sum loaned with interest to the bank at the earliest and loan account should be closed first and thereafter, Directors should apply for loan afresh . This is the only remedy. It is a serious mistake on the part of the bank. Second defaulter is company. How the bank credited the en ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tire loan amount in the accounts of the company without asking for a copy of resolution passed ? - Reply By KASTURI SETHI - The Reply = Dear Sir, In continuation of my reply, I further add that after repayment of loan amount with interest, the bank will close the loan account of the company in a routine manner. - Reply By Ethirajan Parthasarathy - The Reply = Dear Mr.Govin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... darajan, Little more facts of the case are needed. Assuming :- 1) The bank has granted loan only in the name of the directors 2) The company has immediately transfer the money to the directors without delay. The problem can be addressed as follows:- Obtain a letter of confirmation from the bank that they have erroneously transferred the loan sanctioned in the personal capacity of the dire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctors to the company's account with them. In the company's book the amount received can be credited to suspense account transfer a money to the directors should again be debited to suspense account. I feel even under Companies Act, the letter of confirmation from the bank about erroneous credit will come handy for any query about loan from directors reflected in the books of acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt of the company - Wrong credit of loan - Query Started By: - DR.MARIAPPAN GOVINDARAJAN Dated:- 23-7-2023 Corporate Laws / SEBI / LLP - Got 3 Replies - Companies Law - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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