Loan
This query is : Resolved
06 April 2018
Can an executive director of a private limited company to which he is the executive director give loan to the company?
06 April 2018
Yes.,since
any amount received from a person who, at the time of receipt of the amount, was
director of the Company, will be out of preview of Deposits.
Condition: The 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.
any amount received from a person who, at the time of receipt of the amount, was
director of the Company, will be out of preview of Deposits.
Condition: The 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.
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