Loan to company from direcor

This query is : Resolved

CS CMA Rakesh Chandola (Querist)
Follow

24 May 2016 If Director wants to give loan to pvt comapny in which he is director..Can he give it from his personal loan?

Jatin Bajaj

Jatin Bajaj (Expert)
Follow

24 May 2016 According to section 73 of the Companies Act 2013, Private Company can accept the deposits from the director but not from his personal borrowing.
Director has to file declaration that loan has to be given to private Company but not out of his personal borrowings from others.

Message likes : 1 times

CS CMA Rakesh Chandola

CS CMA Rakesh Chandola (Querist)
Follow

24 May 2016 Thanks ...Can u explain in which form or manner declaration should be filed by director?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

25 May 2016 Pl see https://docs.google.com/viewer?a=v&pid=forums&srcid=MTc5MTQwNjAwMTkzNzM4MjIwODMBMDA5MzIyNjQ3NzMzNjAxNTgwNzMBVkZqT3JCNExkR2dKATAuMQEBdjI

Message likes : 1 times

CS CMA Rakesh Chandola

CS CMA Rakesh Chandola (Querist)
Follow

29 May 2016 T
HANK YOU SO MUCH SIR..

CS CMA Rakesh Chandola

CS CMA Rakesh Chandola (Querist)
Follow

30 May 2016 Sir can a Director give loan from his fathers fund..i mean fathers account to son(director) then loan to comapny by director..??

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now