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Share Capital introduced by director

This query is : Resolved 
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(Querist)
18 June 2020 Dear Expert,

1. An individual takes personal gold loan of Rs. 10 Lacs. The bank transfers the gold loan money in his savings account.
2. Now he incorporates a OPC with paid up capital of Rs. 5 Lacs.
3. He transfers Rs. 5 Lacs from his saving account to company current account for paid up share capital.
Query: Is there any restriction on this source of share capital?
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Spurto Consultancy Services

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Spurto Consultancy Services (Expert)
18 June 2020 As per my opinion there is no restriction.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
18 June 2020 Borrowed money can be used for share capital subscription, no restriction.
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Pragati Sharma

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Pragati Sharma (Querist)
18 June 2020 thank you so much sir.
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