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Loan to director by bank against company's property

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 September 2014 my question is whether bank can give loan to director against mortgage of property owned by company in which he is director. Please help....
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Ca Jai Prakash Agarwal

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Ca Jai Prakash Agarwal (Expert)
01 October 2014 In My opinion, bank can not give loan to a director on the mortgage of Company's property in his individual capacity. If director want to take loan as director for the company and to utilize the company for company's operations, the loan may be granted provide the director is authorized by a vaild resolution for arranging bank loan.
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