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Can a company accept loan from its director

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 July 2016 Dear Experts, Mr. X is full time director of XYZ pvt. Ltd. company however Mr. X has taken loan of Rs. 20 Lacs from financial institute in his name please let me know can XYZ pvt. Ltd. company accept the same loan from MR. X or not, if yes what its procedure, Thank & Regard Mukesh Kumar
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
21 July 2016 No, borrowed money can't lend to company.
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Querist : Anonymous

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Querist : Anonymous (Querist)
22 July 2016 sir,
can you pls indicate the section/clause which state that No borrowed money can be accept by company



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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
22 July 2016 Proviso to rule 2(1)(viii) of Companies (Acceptance of Deposits) Rules,2014. Refer MCA Notification GSR 256(E) dated 31.3.2014.

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