Unsecured Loans

This query is : Resolved

indira (Querist)
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31 July 2008 Dear All
I am doing audit of MFI which is registered as a society. They have taken some amount of unsecured loan from a pvt limited company. Is there a limit on the
a) Unsecured loan amount
b) Interest paid against that loan

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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31 July 2008 Why has the society taken unsecured loan from the pvt company? who are its members? Are they directors or members in that lending private company?

indira

indira (Querist)
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31 July 2008 The society has taken the loan of 7.5 lacs so far from the pvt limited company that I work for. The pvt limited company is a consultancy company and the society is one of our clients as well. We are charging 15% pa on reducing balances Is there a limit on the amount of loan from a pvt limited company as far as the society is concerned? and also is thre a limit on the interest? My M.D. is related to the secretary of the society. will it have any impact

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