Loan from director's relative

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suryakant (Querist)
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19 January 2015 Respected Sir,

ours is a family owned private limited co.no outsiders are in the company's board of directors. there is no loans from any financial institution including bank.The directors of the company have given loan to the company. The associate concerns like partnership firm, HUF,our family trust, other Private limited co where we are the directors. It is very difficult to pay these relative loans to them. we would like to continue our related parties loan to our (p) ltd. co. The paid up capital is Rs. 5 lakhs The related parties loans is to the tune of 2. crore. How to retain these loans and what are the formalities to follow for retaining such loans. please advice

c.bakshi

c.bakshi (Expert)
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20 January 2015 you have to exercise borrowing power u/s 180 of the act to retain such borrowings and take necessary approvals and file mgt14 for the same

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