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Unsecured loan & loan and advances

Lakshmi (Article) (166 Points)

31 January 2016

Hello friends Can parents do the transaction of unsecured loan or loan advances in the name of minor? please guide

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JAGANATHAN R ACMA, SAP(Fi-Co) (Manager Accounts and Finance) (915 Points)
Replied 31 January 2016

No ., its not possible

Lakshmi (Article) (166 Points)
Replied 31 January 2016

Thanks sir for replying. Is there any make difference if minor do transaction of loan & advance from gifted cash?

Ajit Hegde (CA - Final) (1367 Points)
Replied 01 February 2016

Obtaining loan from a minor is not restricted by companies act. However, a contract with a minor is void as per indian contract act in case of dispute on the loan obtained from a minor

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