Disclosure obligations for director-sourced funds require financial statement notes and a one-time return filing obligation. Companies must disclose receipts from directors in financial statements: non-private companies disclose money received from directors; private companies disclose money received from directors or their relatives. Companies other than government companies must file a one-time return of outstanding receipts or loans not considered deposits for the prescribed period in the prescribed form within the statutory filing window and pay the applicable fee.
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Provisions expressly mentioned in the judgment/order text.
Disclosure obligations for director-sourced funds require financial statement notes and a one-time return filing obligation.
Companies must disclose receipts from directors in financial statements: non-private companies disclose money received from directors; private companies disclose money received from directors or their relatives. Companies other than government companies must file a one-time return of outstanding receipts or loans not considered deposits for the prescribed period in the prescribed form within the statutory filing window and pay the applicable fee.
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