unsecured loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 April 2010
one private company has taken a loan fron non-relative persons and also non-member.. then whether it is contravention of company law?? as i heard that they have to take permission of gvt.. and if they have not taken permission then now what should they have to do????
14 April 2010
NO CONTRAVENTION EVEN IF U TAKE A LOAN FROM A MEMBER OR DIRECTOR OR RELATIVE. IT IS APPLICABLE IN CASE OF GIVING LOAN (U/S295). BUT SEC 295 IS NOT APPLICABLE TO A PVT LTD COMPANY UNLESS IT IS A SUBSIDIARY OF A PUBLIC COMPANY.
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