State the disclosure requirements. if any under Schedule VI to the Companies A9t. 1956 in respect of the following

(i) Loans received from directors.

(ii) Loans received from director’s relatives.

(iii) Debts due by directors towards goods supplied and advances made by the

company.

(iv) Debts due by partnership firms in which the directors or relatives of directors

are partners.

(v) Debts due by companies in which the directors or their relatives are directors

or members. .

(vi) Loans and advances received from and given to a subsidiary company and

the partnership firm in which the subsidiary company is a partner.

(vii) Remuneration received by a director of a company from its subsidiary

company.

(viii) C6mmission paid to selling agents including sole selling agents.

.9Lns. The disclosure requirements under Schedule VI are as follows: .

(i) Loans received from directors - It should be classified as secured and URSecured

..J loans and shown separately on the liabilities side of the Balance-sheet.

(ii) Loans received from directors’ relatives are not required to be disclosed in the

Balance-sheet.

(iii) Debts due by directors towards goods supplied by the Company must be shown separately under Sundry Debtors. The maximum amount due by directors of the’ company at any tfme during the year must also be disclosed in the Balance-sheet by way of a note. Similar disclosure is required in respect of loans and advances made to directors.

(iv) Debts due by partnership firms in which any director of the company is a partner must be disclosed separately. But no disclosure is required if only the relatives of directors are partners.

(v) Debts due by private companies on which the directors are directors or members must be stated separately in the Balance-sheet. But, it is not necessary if the amount is due from public companies. Similarly, it is not necessary to disclose separately the amount due by companies in which the relatives of directors are directors or members.

(vi) Loans and advances received from subsidiary companies should be classified as secured and unsecured loans and shown separately. But no such disclosure is required in respect of loans received from partnership firms in which the subsidiary company is a partner. Loans and advances given to subsidiary companies and the partnership finri in which the subsidiary company is a partner must be disclosed in the Balance-sheet.

(vii) Managerial remuneration received by a director of a company from its subsidiary

should be shown separately in the Profit and Loss account by way of note.

(viii) Commission paid to sole selling agents and other agents must be shown separately

in the Profit & Loss Account.