Loan from MD
This query is : Resolved
Deepshikha
(Querist)
04 August 2009
Can a managing director of a public limited company give loan to the company? Under what sections? What are the procedure required?
CS Mukesh Arora
(Expert)
07 August 2009
The Managing Director should give a deposit to the Company. Companies Acceptance of deposits rules does apply only a declaration to be given by the MD that he is giving deposit after borrowing funds from outsiders. Application on the plain paper addressed to the Company will suffice.
Regards
CS Mukesh Arora
Regards
CS Mukesh Arora
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