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Loan from director by public limited company

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(Querist)
14 May 2016 can a public limited co can take loan from its directors or its relatives and what about loans taken before company act 2013.
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CS Sanchita Bhardwaj

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CS Sanchita Bhardwaj (Expert)
17 May 2016 A public Limited Company can take loan from director subject to declaration from the Director under Deposit rules (read rule 2(1)(viii) with notification issued on Sep 15, 2015). Loan from relative from Directors is however not allowed.
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