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Unsecured loan from directors

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(Querist)
27 July 2015 Can company obtain unsecured loan from Directors and use the proceedings for obtaining Land.
Can Company issue shares against such unsecured loan obatained for purchase of Land.

What is the procedure that needs to be followed.

please help

Thank you in advance
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CA Shripad Deshpande

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CA Shripad Deshpande (Querist)
31 July 2015 please guide its a urgent matter

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