Loan from individual
This query is : Resolved
06 July 2009
Whether a pvt. ltd. company can take aloan from an individual??
Ankur Garg
(Expert)
07 July 2009
Yes.
Pass necessary board resolution u/s 292(1)(c)for borrowing money otherwise then on debenture. If any director is interested in the transaction then disclosure of interest u/s 299 is mandatory.
Read section 299 and 300 in this regard.
Regards
Pass necessary board resolution u/s 292(1)(c)for borrowing money otherwise then on debenture. If any director is interested in the transaction then disclosure of interest u/s 299 is mandatory.
Read section 299 and 300 in this regard.
Regards
CA Nitin Wadhwani
(Expert)
07 July 2009
Only from shareholders, directors and their relatives.
Otherwise it would tantamount to deposit and violation of Sec.3(1)(iii).
Otherwise it would tantamount to deposit and violation of Sec.3(1)(iii).
07 July 2009
Private Limited company is allowed to borrow from shareholders,directors and their relatives only without violating the provisions of The companies Act,1956.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- EPF ECR NEW RULES Sep 17th 2026
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
