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Loan to a pvt. ltd. co.

This query is : Resolved 
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(Querist)
27 March 2012 Dear Friends/Experts

I would like to inquire if a Proprietorship firm in which one the co.'s Director has interest can extend loan to the company ? if Yes, Is there any limit to that?

Appreciate a quick response.

Thanks in Advance
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HONEY AHUJA

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HONEY AHUJA (Expert)
28 March 2012 No problem in that. Partnership firm in which the director has interest can't take loan from the Company u/s 295 but can give the loan to the Company. The Transaction will also be exempted under under section 297. Further 295 is not applicable on pvt. company.
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Deepak

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Deepak (Querist)
28 March 2012 Many Thanks Mr. Ahuja

This is of great help.

Regards
Deepak
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