unsecured loan

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CA Keyur Shah (Querist)
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10 December 2009 Can a pvt. co. take a loan from another pvt. co. in which no directors are interested??
this loan is for the purpose of business.
which are relevant section for this???? tell me about compilance for the same..

Rasesh

Rasesh (Expert)
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10 December 2009 Yes, the loan can be taken. But a careful scrutiny is required of two matters:
1) Section 295 of Companies Act (Not applicable when the loan is given by Pvt Ltd. Co.)
2) Section 2(22)(e) of Income Tax Act

shareholding plays an important role in deciding.

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