Regarding loken taken by company

This query is : Resolved

CA Shyam Agarwal (Querist)
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19 August 2014 Hello Friends

If A pvt. Co. taken a loan of Rs. 2700,000 from a person which is not a director nor a shareholder. What will be impact as per new co. Act.

We can allot him share for Rs. 2700,000 for adjust the loan

B.COM, ACA, DISA Namrata

B.COM, ACA, DISA Namrata (Expert)
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19 August 2014 As per S. 73 of the Companies Act 2013 any company cannot accept loan from any person other than the director of the company if the director does not give the loan out of borrowed funds. If the loan is taken from a member then several compliance need to be done which is stated in the rules of Chapter V

CA Shyam Agarwal

CA Shyam Agarwal (Querist)
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19 August 2014 No information in Chapter V of companies Act. please tell me instead of repayment of loan can we allot share to them..

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