Loan from individual

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Raviraj

Raviraj (Querist)
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06 July 2009 Whether a pvt. ltd. company can take aloan from an individual??

Ankur Garg

Ankur Garg (Expert)
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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.

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CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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07 July 2009 Only from shareholders, directors and their relatives.
Otherwise it would tantamount to deposit and violation of Sec.3(1)(iii).

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

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