Can private ltd company take loan from father of director
This query is : Resolved
Bhawna Dubey
(Querist)
08 March 2018
CAN A PRIVATE LIMITED COMPANY ACEEPT LOAN FROM FATHER OF ONE OF THE DIRECTORS OF COMPANY AND IY YES TO WHAT EXTENT????
CS Mitesh Mehta
(Expert)
08 March 2018
YES.
wef 15.09.2015 a private company can accept unsecured loans apart from director also from a relative of Director provided that relative of director from whom money is received, furnishes to the company at the time of giving the money, a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others and the company shall disclose the details of money so accepted in the Board’s report
wef 15.09.2015 a private company can accept unsecured loans apart from director also from a relative of Director provided that relative of director from whom money is received, furnishes to the company at the time of giving the money, a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others and the company shall disclose the details of money so accepted in the Board’s report
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08 March 2018
Reference for the above observation is GSR. 695(E) dated 15-09-2015 - Companies (Acceptance of Deposits) Rules,2014 is amended.
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