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Reagrding company law

Querist : Anonymous (Querist) 16 May 2010 This query is : Open 
This is regarding a Private limited company that has taken a fixed deposit in the name of the director and also has taken a loan in the name of the company against the same fixed deposit

1)Can a company enter into such transaction? If yes than what are the disclosure required as a statutory auditor of that company under companies act and also under CARO?

2)If No than how should the transaction be recorded in the books of accounts of the company, should it be shown as a loan to director, if yes than how should the loan from the bank be recorded?


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