Borrowing money for a private ltd firm for its projects.
This query is : Resolved
11 August 2011
Can a private ltd company borrow money from any other persons for the development of its project?
from shareholders or non-share holders?
under which section?
by giving promisery notes or any other kind of bonds?
please do help me
from shareholders or non-share holders?
under which section?
by giving promisery notes or any other kind of bonds?
please do help me
12 August 2011
Borrowing is restricted from a person who,
at the time of the receipt of the amount, was a director, relative of director or
member:-
Provided that the director or member, as the case may be, from whom
money is received, furnishes to the company at the time of giving the
money, a declaration in writing to the effect that the amount is not being
given out of funds acquired by him by borrowing or accepting from others.
at the time of the receipt of the amount, was a director, relative of director or
member:-
Provided that the director or member, as the case may be, from whom
money is received, furnishes to the company at the time of giving the
money, a declaration in writing to the effect that the amount is not being
given out of funds acquired by him by borrowing or accepting from others.
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