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LOAN ISSUE

This query is : Resolved 
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(Querist)
28 February 2023 Respected Sir,

If a director doesn’t have funds into his personal account and if he has deposited some amount after taking loan from outside whether in such a situation can the director give loan to the company

PLEASE GUIDE ME AND OBLIGE.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
02 March 2023 As per the definition of Deposit under the Deposit Rules, “Loan received from the Directors of the Company shall be considered as Exempted Deposit.”
Under loan it is important to determine whether the loan given by the director or his relative is out of his/their own funds and the declaration is received by the company to that effect.
If the amount given by the director or his relative is out of borrowed funds, and declaration is received by the company to that effect then the transaction would fall under the category of “Deposits” and the company must comply with Deposit Rules.
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