unsecuerd loan frm members/directors

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 October 2010 can pub ltd. co. take unsecured loan from members or directors???? what willbe difference if pvt. ltd. take unsecured loan frm members or directors???

What is status in which when loan taken from members or directors company status is pvt. ltd. then after converted into pub .ltd.????

In above 2 situation how co. law affects what is remedy if there are non compliance????

Jagruti (CS)

Jagruti (CS) (Expert)
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03 November 2010 Public Company can take Loan only from Director.

Else it will fal under 58A for which there prior approval of CG.

For Pvt Company, loan can be taken from Members, Directors and their relative.

If there is conversion to public Company than arrange to repay the loan to the members at earliest to aviod non compliance.

For non compliance, penalty under sec 58A will apply.

Querist : Anonymous

Querist : Anonymous (Querist)

23 December 2010 thanx

Querist : Anonymous

Querist : Anonymous (Querist)

12 May 2011 can pub ltd. co. take unsecured loan from members or directors???? what willbe difference if pvt. ltd. take unsecured loan frm members or directors???

What is status in which when loan taken from members or directors company status is pvt. ltd. then after converted into pub .ltd.????

In above 2 situation how co. law affects what is remedy if there are non compliance????