Can an nbfc give loan to charitable society under same manag
This query is : Resolved
SUNIL SHARMA
(Querist)
16 July 2015
If the chairman of NBFC(Pvt limited) can give loan to charitable society in which he is also chairman i.e same management(is their any restriction under companies act or not) or it can be treated as corpus Fund.Please guide..
Amol S Joglekar
(Expert)
16 July 2015
No any restrictive clause under Companies Act per se except of course the declaration of LOAN.
Under Indian Trust Act, you need to have the proper permission for accepting loan for Charitable society/trust.
Under Indian Trust Act, you need to have the proper permission for accepting loan for Charitable society/trust.
16 July 2015
A proper written permission needs to be taken from charitable commissioner for the same
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