Unsecured Loans
This query is : Resolved
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
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
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?
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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