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Whether a Limited Co. Can take Loan from a Individual

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(Querist)
10 July 2009 HI Experts!

Plz Tell me Whether a Limited Co. Can take Loan from a Individual
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Ankur Garg

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Ankur Garg (Expert)
10 July 2009 Hello saurabh,

Yes a public Limited company also can take loan from the individual.

Procedure would be same as in case of pvt. co. taking loan i.e.

For that purpose you have to pass a board resolution u/s 292(1)(c) of the companies act, 1956 for the purpose of borrowing otherwise then on debenture.

Further if any director is interested in the transaction then disclosure of interest by that director is necessary u/s 299 only at a board meeting.

Regards
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