Loan from directors
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 February 2016
Dear Experts,
plz clarify weather company can accept the loan from its directors or not also provide the relevent circular, clause, section, etc. for the same....
Regard
Sumit Sharma
CS Divesh Goyal
(Expert)
16 February 2016
As per Definition of Deposit under rules of Chapter V of Companies ACt, 2013 Company can accept loan from the Directors. Only one condition director will provide a declaration that such money is his own fund.
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