loan from director
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 December 2009
If a Pvt. ltd. company with surplus funds, deposits in FD for six months and in the mean time, they require some funds for expenditure, can Director, transfer to the company his personal funds and take back after maturity of FD say after two months. Is that proceedure correct. If He is charging interest and what if he does not.
Ankur Garg
(Expert)
12 December 2009
Amount raised as loan by private company from its directors is outside the preview of public deposit.
So you may go ahead as per your plan.
So you may go ahead as per your plan.
Shailesh Prajapati
(Expert)
12 December 2009
Yes, Director in Prviate Limited company give Deposits/Loan. the Interest should be charged.
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