Public commpany borrowing
This query is : Resolved
13 March 2009
whether Public company can take loan from its Directors or Shareholders ?
Relevant sections or case laws
Relevant sections or case laws
26 March 2009
The Public Company can take loans from the its Directors and Sgareholders. The Company has to comply with the provisions of the section 58-A of the Companies Act,1956 to accept the loans/deposits from the shareholders. In case loan is received from Directors of a public company, it is exempt from the provisions of section 58A, if the declaration as prescribed is taken form the concerned directors.
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