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Can director of a pvt ltd company take loan form company ?

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CA Abhishek Singh (Querist)
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01 June 2012 Hello everyone,

my question:

1. can a diretor of a pvt ltd company holding say 50% shares take loan from the company ?

2. can director of a pvt ltd company give loan to the company at interest rate say in excess of 30% pm. ?

waiting urgently for ur reply ?

Ajay Mishra

Ajay Mishra (Expert)
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03 June 2012 Hi

The provisions of section 295 of Companies Act, 1956 relating to loan to director will not apply to private company unless it is subsidiary of public company. So you are free to give and accept loan to and from directors.

Regards

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