Download Company Law Form 24AB For: Filing application for giving loan, providing security or guarantee in connection with a loan
Download Company Law Form 24AB
Download Company Law Form24AB: Form No 24AB used as an Form for filing application for giving loan, providing security or guarantee in connection with a loan
How to e-file Form 24AB
1. Enter the ‘Corporate Identity Number’ (CIN) of the company,
You may find CIN by entering existing registration number or name of the company in the ‘Find CIN/GLN’ service at the MCA21 portal and Find Details of Company CIN, GLN, LLPIN using Name of Company, ROC registration number etc.
2. Click the “Pre-fill” button
System will automatically display the name and registered office address of the company
3. Net profit as per section 198 is computed in the manner laid down in section 349 of the Companies Act, 1956:
4. Select any one option for ‘Yes’ or ‘No’ Whether the loan is guaranteed by the guarantors
If the option ‘Yes’ is selected then give details about the guarantee given by guarantors.
5. Enter the CIN of the Indian borrowing company
• You may find CIN by entering existing registration number or name of the company in the ‘Find CIN/GLN’ service at the MCA21 portal
6. Click the “Pre-fill” button
System will automatically display the name of the borrowing company
If it is a foreign borrowing company enters the name of the borrowing company
7. If the borrowing concern is a partnership firm or proprietorship enter the name and address of the borrowing firm.
- Copy of board of directors resolution indicating:
- The proposal of the company, terms and conditions
- Interest of directors or relatives, if any
- Specifying rate of interest chargeable
- The schedule and terms of repayment
- The loan is not being made out of borrowed funds of the company.
- Any other major or important condition having bearing on the loan or financial position of the company
- A declaration that company has not defaulted in making repayments to the investors as and when they become due to them.
- Copy of draft loan agreement.
- Declaration to the effect that funds proposed to be loaned are not required for its working capital requirements at least for a year.
- A declaration from the statutory auditor or a company secretary that:
- The company has not defaulted in:
- The repayment of any fixed deposits or part thereof or interest thereon
- Payment of dividend
- Redemption or repayment of debenture and timely payment of interest thereon
- Redemption of preference shares, and
(b) The company is regular in filing all eForms or returns as required to be filed under the Companies Act, 1956
- (c) The proposal is in conformity within the provisions of the section 372A of the Companies Act, 1956
- Copy of member resolution containing specific approval of required members along with explanatory statement
- List of directors of board of both the companies and disclosing inter-se interest if any.
- Copy of loan scheme for the employees of the company, if any
- A No objection certificate (NOC) or prior approval of public financial institutions or banks in case any term loan is subsisting.
- Copy of letter from bank or financial institutions wherein the company has been asked to furnish corporate guarantee or security for the loan sanctioned to the borrower company
- Shareholding pattern of applicant and borrowing company
- A Certificate from the Company Secretary/Chartered Accountants in whole time practice to the effect that the applicant company is not in any default on account of undisputed dues of the Central Govt. e.g. Income Tax, Central Excise etc.
Enter the date of board resolution authorising the signatory to sign and submit the application
The eForm should be digitally signed by managing director or director or manager or secretary of the company duly authorised by the board of directors.
The eForm should be certified by chartered accountant or cost accountant or company secretary (in whole time practice) by digitally signing the eForm.