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loan from director

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Querist : Anonymous

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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.
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Ankur Garg

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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.
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Shailesh Prajapatipro badge

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Shailesh Prajapatipro badge (Expert)
12 December 2009 Yes, Director in Prviate Limited company give Deposits/Loan. the Interest should be charged.
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