Unsecured Loans in a Company
This query is : Resolved
11 January 2010
My question is whether a private company has to take unsecured loans only from its directors or from outsiders too?
11 January 2010
As far as possible loan should be taken from directors.
Loans from outsiders should be taken only after alloting them certain shares to keep the company outside the provisions of Section 58A of the companies act.
Loans from outsiders should be taken only after alloting them certain shares to keep the company outside the provisions of Section 58A of the companies act.
11 January 2010
Through section 3(1)(iii)(d) of the Companies Act,1956 a private limited company is prohibited from inviting or accepting deposits from persons other than its members,directors or their relatives.
17 January 2010
thank u for the replies
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