28 October 2016
Dear Experts, Pls clarify weather pvt. Ltd. Company can accept the loan from its director who is holding 50% share also. If so? What is the procedure,
28 October 2016
Yes , Private Company can accept Loan from Director subject to the condition that such Director shall file the declaration in the prescribed format that loan has not been given from borrowing from banks or institutions and loan has been given out of his personal funds. Further Pvt Company can acept the Loan from Directors just by passing Board Resolution under section 180(1)(c) of the Companies Act 2013
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