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Interest on unsecured loan

This query is : Resolved 
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(Querist)
13 June 2012 Sir,

A private limited company has accepted unsecured loan form director and their relatives. Now is it compulsory for company to provide interest on loan accepted?

What will the consequence* if company do not pay interest to Director and their relatives?

(*Form Income tax and companies act point of view)
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CA Yasaswy Sarma Veluri

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CA Yasaswy Sarma Veluri (Expert)
13 June 2012 There is no consequence if the company doesnt pay interest to an unsecured loan either as per IT Act or the Companies Act.,
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
13 June 2012 It is not compulsory to pay interest on unsecured loan.
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