LOAN BY DIRECTOR

This query is : Resolved

devang doshi (Querist)
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23 March 2010 1) UNDER WHICH SECTION A DIRECTOR CAN NOT TAKE LOAN FROM THE COMPANY IN WHICH HE IS DIRECTOR ?

IS THERE ANY OTHER WAY TO TAKE LOAN FROM THE COMPANY BY DIRECTOR ?

2) WHETHER A DIRECTOR CAN CLAIM COMPENSATION FROM COMPANY FOR VACATION OF HIS OFFICE ?

UNDER WHAT CIRCUMSTANCES ?

3) IN WHICH WAY WE CAN REMOVE THE NON-ROTATIONAL DIRECTOR ?

Ankur Garg

Ankur Garg (Expert)
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24 March 2010 1. A director can take loan from the company after collecting previous approval from central government under section 295.

2. For circumstances kindly check section 318(3). An ordinary director cannot claim compensation from the company u/s 318(2).

3. By following the provisions of section 284 and by passing Ordinary resolution by members you can remove any director.

Regards

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