Can a director take the loan from his private ltd company


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Querist : Anonymous

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Querist : Anonymous (Querist)
25 September 2015 Sir,
Please tell me about the Director of private ltd company can take the loan from his company and what conditions are applied for him???????????????

25 September 2015 https://taxguru.in/company-law/provisions-companies-act-2013-pertaining-acceptance-giving-loans-company.html

25 September 2015 Prohibited by section 185. If violated penalty can be levied on the company ranging from 5 to 25 lakhs. The Director concerned can be penalized for the same amount or can be imprisoned for 6 months.

26 September 2015 Section 185 shall not apply to private company subject to conditions given in notification dated 5 June 2015 i.e. exemptions for private companies.

CS Manish Chopra
Practicing Company Secretary
csmanishchopra@gmail.com
9780298898 whats App

27 September 2015 Thanks Manish Ji. Omission is regretted.

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 October 2015 THANKS SIR FOR REPLY


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