Loan to its director
Querist : Anonymous
Whether Private Company can give loan to Director ? Is it possible subject to approval of shareholders ??
Regards,
Sachin
No body corporate shall have invested any money in the share capital of the company; and
The borrowings of the company from banks, financial institutions or any body corporate shall not not exceed twice the amount of paid-up share capital or INR 500 million – whichever is lower; and
There shall be no subsisting defaults in repayment of such borrowings at the time of making transaction.
Querist : Anonymous
(a) in whose share capital no other body corporate has invested any money;
(b) if the borrowings of such a company from banks or financial institutions or any body corporate is less than twice of its paid up share capital or fifty crore rupees, whichever is lower; and
(c) such a company has no default in repayment of such borrowings subsisting at the time of making transactions under this section.
Thanks
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