Can a company accept loan from its director
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 July 2016
Dear Experts,
Mr. X is full time director of XYZ pvt. Ltd. company however Mr. X has taken loan of Rs. 20 Lacs from financial institute in his name please let me know can XYZ pvt. Ltd. company accept the same loan from MR. X or not, if yes what its procedure,
Thank & Regard
Mukesh Kumar
21 July 2016
No, borrowed money can't lend to company.
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 July 2016
sir,
can you pls indicate the section/clause which state that No borrowed money can be accept by company
can you pls indicate the section/clause which state that No borrowed money can be accept by company
22 July 2016
Proviso to rule 2(1)(viii) of Companies (Acceptance of Deposits) Rules,2014. Refer MCA Notification GSR 256(E) dated 31.3.2014.
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