loan to MD
This query is : Resolved
08 July 2010
Can a Private Company give loan to its MD?
Can somebody please give me the format for board resolution for giving loan to MD of a private co?
Can somebody please give me the format for board resolution for giving loan to MD of a private co?
08 July 2010
Yes
Section 295 loan to director is not applicable to a private company so you may go ahead.
You may draft a resolution on the lines below:
Resolved that pursuant to the relevant provisions of the companies act, 1956, the consent of the board of directors of the company be and is hereby accorded to disburse a loan amount of Rs. 10000000 to Mr. Jai Singh, Managing Director of the company @ 6% interest p.a.....
Thanks
Section 295 loan to director is not applicable to a private company so you may go ahead.
You may draft a resolution on the lines below:
Resolved that pursuant to the relevant provisions of the companies act, 1956, the consent of the board of directors of the company be and is hereby accorded to disburse a loan amount of Rs. 10000000 to Mr. Jai Singh, Managing Director of the company @ 6% interest p.a.....
Thanks
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