Unsecured loan from directors & relatives
This query is : Resolved
03 April 2012
My query is whether any maximum cap or restriction so far unsecured Loans from Directors & relatives in case of Pvt.Ltd.Company i.e. closely held company in proportion to Total Share Capital & Share Premium account as per Companies Act.
If yes then provide complete details with relevant section.
Thanks in Advance.
If yes then provide complete details with relevant section.
Thanks in Advance.
03 April 2012
As such Companies (Acceptance of Deposit) Rules, 1975 are not applicable on pvt companies therefore the limits are not applicable as well..
Because the deposit from directors, shareholders and their relatives are exempted deposit in case of private company.
Because the deposit from directors, shareholders and their relatives are exempted deposit in case of private company.
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