Sudesh Uchil (Accounts Executive) (25 Points)
08 February 2016
CS Vivek Sharma
(Practising Company Secretary)
(422 Points)
Replied 08 February 2016
Yes, He can if the Lending company satisfies all the 3 conditions:
1. No body corporate has invested in his share.
2. Borrowing from PFI is not greater than twice of its paid up capital.
3. Company does not made any default in repayment of such borrowing.
Sudesh Uchil
(Accounts Executive)
(25 Points)
Replied 08 February 2016
Many thanks Vivek... The company satisfies all the above conditions. Please help me with one more query if the same director can sell his patent rigts to the same company in place of taking a loan from the company. Is it legal ?
CS Divesh Goyal
(Practicing Compnay Secretary)
(50010 Points)
Replied 08 February 2016
yes its legal but check the provision of the act whereever applicable.
S R BALASUBRAMANIAN
(PCS)
(56 Points)
Replied 17 April 2016
COULD ANY LEARNED CS CLARIFY WHETHER ADT 1 IS REQUIRED TO BE FILED FOR APPT OF FIRST AUDITOR OF A PRIVATE LTD CO.,
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