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Loan from a pvt ltd co.

This query is : Resolved 
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(Querist)
28 April 2019 Sir,

We want to use the surplus amount in our company and we all 4 directors of the company are in blood relation.
Can the company give an unsecured loan to a 3rd person (say my friend) and a director takes back it from friend in shape of an unsecured loan?
Does this violates the provisions of the new companies act ?
Or any other method to use the surplus amount in the company
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SHUBHAM SHARMA

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SHUBHAM SHARMA (Expert)
29 April 2019 In my humble opinion, it will be violation of section 185 of the companies act.
Thanks and Regards
CA Shubham Sharma
shubham.vnv@gmail.com
9462302922
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