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Can company borrow money from proprietorship firm.

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(Querist)
03 February 2016 Kindly answer,

Can a private company borrow money as a loan from a proprietorship firm of one of the same director of the same Company?
please also suggest applicable sections as well.
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CS Divesh Goyal

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CS Divesh Goyal (Expert)
08 February 2016 Ms. Jyoti,

No Private Limited Company can't borrow money from proprietorship firm.
it can accept loan only from Directors, Members and Relative of Directors.

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