borrowing powers of the pvt ltd co.

This query is : Resolved

CA Jeen paul (Querist)
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03 January 2009 my client is a pvt ltd co. a family business. all the directors of the co., is running a partnership firm. the co., want to borrow 30 lakh Rs. from the firm,
pls advise

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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26 January 2009 Step 1 : Pass resolution in the company agm or egm authorising diretors to borrow funds and the conditions.

Step 2 : In the board meeting put the prosal for loan and rate of interest should be reasonable.

Step 3 : Now you can take the loan and deduct tds while paying interest.