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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- LC charges in relation to Asset purchased should be Capitalised ?
- Regarding appeal to GSTAT
- Regarding TDS Applicability For Director Remuneration
- Copyright software
- Value of property in capital gain
- Multiple trade mark
- Transporter Declaration form
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
