Can a director take the loan from his private ltd company

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Querist : Anonymous

Querist : Anonymous (Querist)

25 September 2015 Sir,
Please tell me about the Director of private ltd company can take the loan from his company and what conditions are applied for him???????????????

Arpit Shah

Arpit Shah (Expert)
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25 September 2015 http://taxguru.in/company-law/provisions-companies-act-2013-pertaining-acceptance-giving-loans-company.html

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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25 September 2015 Prohibited by section 185. If violated penalty can be levied on the company ranging from 5 to 25 lakhs. The Director concerned can be penalized for the same amount or can be imprisoned for 6 months.

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CS Manish Chopra

CS Manish Chopra (Expert)
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26 September 2015 Section 185 shall not apply to private company subject to conditions given in notification dated 5 June 2015 i.e. exemptions for private companies.

CS Manish Chopra
Practicing Company Secretary
csmanishchopra@gmail.com
9780298898 whats App

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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27 September 2015 Thanks Manish Ji. Omission is regretted.

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Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2015 THANKS SIR FOR REPLY