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Loan by director to compay

This query is : Resolved 
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(Querist)
21 January 2015 Dear Sir / Ma'am

Can a private limited company accept loan from it's directors as per new companies act and old companies act.

Please guide me in this regard.

Thanks in advance
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
21 January 2015 Can accept under both the acts. But the company should obtain a declaration from the lender director stating that money lent is his/her own and not borrowed from elsewhere.
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