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A company wants to give loan of Rs. 750000 to Mr. Ram, its employee for purchase of his shares. Salary of Mr. Ram is Rs. 45000 per month-
Company cannot give financial assistance to buy its own shares
Company can give financial assistance up to Rs. 600000 only being Rs. 50000 per month is the limit as said by companies Act
Company can give up to Rs. 270000 only.
Company can give up to Rs. 540000 only
A company can give loans to its employees up to the amount not exceeding 6 months’ salary of the particular employee. Here in this case salary of Mr. Ram is Rs. 45000 per month. So the maximum permissible amount will be Rs.270000.
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