Business query
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 January 2015
Dear All, I am working in a Pvt Ltd.company which having three directors and taken loans from its directors and from their family members and relatives also. Through this mail I want to know can a Pvt Ltd company take loans from directors and their family members.What is current provisions applicable.
Please advise us
Please advise us
15 January 2015
The Companies Act 2013 has brought a major change in the borrowing provisions for private companies and removed shareholders and relatives of directors from the list of lenders. Going forward the private companies can borrow only from directors apart from banks and financial institutions provided the director gives a declaration that the amount that he is giving is not out of borrowed funds.
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