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Loan frm company

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(Querist)
27 February 2012 Can Director take loan from the company if yes than what is the treatment in the books.
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Ashish Gaggar

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Ashish Gaggar (Expert)
27 February 2012 Yes, in case of Private Limited Company providing Loan to Director is possible , since Section 295 is not applicable to Private Limited Company.

In case of a Public Limited Company as per Section 295 it requires Central Government Approval
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Jiten Gupta

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Jiten Gupta (Expert)
28 February 2012 Yes, under pvt ltd company there is no restriction. In case of public company follow procedure given U/S 295 of companies Act 1956.
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