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unsecured loan in pvt ltd. co.

This query is : Resolved 
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(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,
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Rasesh

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Rasesh (Expert)
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.
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Ankur Garg

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Ankur Garg (Expert)
09 March 2010 Agree with expert.
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
09 March 2010 Agreed.
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