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Public commpany borrowing

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(Querist)
13 March 2009 whether Public company can take loan from its Directors or Shareholders ?

Relevant sections or case laws
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CS Mukesh Arora

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CS Mukesh Arora (Expert)
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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