Loans from Directors
This query is : Resolved
08 February 2009
What are the various provisions of Company Act & IT Act which are applicable in case a company takes loan from its Directors.
08 February 2009
Provisions of section 58A of companies act has to be considered. A company cannot borrow other than shareholders. Further the rate of interest should be reasonable when compared to other loans. The same has to be reported in the annual accounts.
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