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Loans from Directors

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(Querist)
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.
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
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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