unsecured loan in pvt ltd. co.
This query is : Resolved
ramesh dhingra
(Querist)
09 March 2010
Is. it possible that pvt ltd. co. take loan from directors relatives and friends. if yes then which section allow this type of loan,
09 March 2010
The basic definition of a private limited company states that it can accept deposits only from members, Directors and their relatives. Hence, the unsecured loan can be taken from members, Directors and their relatives.
A Pvt. Ltd. cannot take deposits from friends of members, directors or their relatives.
A Pvt. Ltd. cannot take deposits from friends of members, directors or their relatives.
Ankur Garg
(Expert)
09 March 2010
Agree with expert.
CA Ravi Sisodia
(Expert)
09 March 2010
Agreed.
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