Loan from directors

CA Pratibha Sharma (ACA, ACS) (357 Points)

03 July 2015

Director of A private company took loan from the bank on the behalf of such co in februray 2015. whether section 180 of the co act 2013 is applicable? if yes then whether we need to file MGT-14 for this?

PLEASE HELP.......

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ACS Anjali Jain (SERVICE - CS) (472 Points)
Replied 03 July 2015

For this you have to check whether loan taken amount plus existing loan exceeded aggregate of paid up share capital and free reserve or not?

Secondly at the time of taking loan bank must have asked the board resolution? that resolution is required to filed in mgt14 under 117(3)(g)

ACS Anjali Jain (SERVICE - CS) (472 Points)
Replied 03 July 2015

this is loan from bank i guess not loan from director as you have mentioned took loan on behalf of the company.

And if the loan took loan in his personal name then lended the same to the company then its prohibited.

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