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Unsecured from Directors

This query is : Resolved 
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(Querist)
16 November 2008 DEAR SIR,

MY QUERY IS THAT WHETHER A COMPANY CAN TAKE UNSECURED LOAN FROM DIRECTOR EVEN THOUGH HE IS NOT A SHAREHOLDER OF A COMPANY

Regards

Ravi Konda
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CA Shailesh +91 9393926464

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CA Shailesh +91 9393926464 (Expert)
17 November 2008 Which kind of company? A public company or a private company?
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Ravi Kiran

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Ravi Kiran (Querist)
17 November 2008 Dear Sir,

It is a Private Limited company

Regards

Ravi Konda
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
17 November 2008 In the given situation the company cannot take unsecured loans from directors. Pl refer circulars 1/1/80-CL-V dt.03-05-1980 and 3/13/84-CL-X Dt.27-11-1984.
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