Loan to a pvt. ltd. co.
This query is : Resolved
27 March 2012
Dear Friends/Experts
I would like to inquire if a Proprietorship firm in which one the co.'s Director has interest can extend loan to the company ? if Yes, Is there any limit to that?
Appreciate a quick response.
Thanks in Advance
I would like to inquire if a Proprietorship firm in which one the co.'s Director has interest can extend loan to the company ? if Yes, Is there any limit to that?
Appreciate a quick response.
Thanks in Advance
HONEY AHUJA
(Expert)
28 March 2012
No problem in that. Partnership firm in which the director has interest can't take loan from the Company u/s 295 but can give the loan to the Company. The Transaction will also be exempted under under section 297. Further 295 is not applicable on pvt. company.
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