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Unsecured loan

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 August 2011 Dear All,
Please guide me on --

Can private company obtain interest free unsecured loan from director under company’s act 1956
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
03 August 2011 If the articles of association provides so, private limited companies can take interest free loans from director's. But the company should obtain a declaration from the said director's that the money is not borrowed by him / her.
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