will director received loan from same company?
This query is : Resolved
MOIN MANSURI
(Querist)
23 February 2017
we are chemical base manufacturing pvt.ltd. co. i just know that is there any provission for given to director loan? we are curuntly given only salary to director..
23 February 2017
Can give loan to director if the following conditions are satisfied
* No body corporate shall have invested any money in the share capital of the company; and
* The borrowings of the company from banks, financial institutions or any body corporate shall not not exceed twice the amount of paid-up share capital or INR 500 million whichever is lower; and
*There shall be no subsisting defaults in repayment of such borrowings at the time of making transaction.
Ps:- Circular 9/2005 dt 5.6.2015
* No body corporate shall have invested any money in the share capital of the company; and
* The borrowings of the company from banks, financial institutions or any body corporate shall not not exceed twice the amount of paid-up share capital or INR 500 million whichever is lower; and
*There shall be no subsisting defaults in repayment of such borrowings at the time of making transaction.
Ps:- Circular 9/2005 dt 5.6.2015
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