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Loan on interest from director

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 November 2016 Dear All
Pls clarify weather a company can accept the loan from director on interest @12% if so? What is the formalities for the same,

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Ankur Gupta
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Pratik Shah

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Pratik Shah (Expert)
19 November 2016 Yes, Loan can be accepted from Director at this rate, provided such Director shall give a declaration that such loan is given out of his owned funds.
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