Can a whole time director of company take loan from company with out limit of 185 & interest free,
If a company policy/Spl resolution allowes directors to withdraw funds for personal use.
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185 exemption on loan given to whole time managing director
Replies (5)
YES, AS PER SECTION 185(1), FIRST PROVISO, COMPANY CAN PROVIDE LOAN TO ITS MANAGING DIRECTOR AND A WHOLE TIME DIRECTOR BY PASSING SPECIAL RESOLUTION IN A GENERAL MEETING TOGETHER WITH APPROVAL OF SHAREHOLDERS,
| Originally posted by : Jatin Bajaj | ||
 |
YES, AS PER SECTION 185(1), FIRST PROVISO, COMPANY CAN PROVIDE LOAN TO ITS MANAGING DIRECTOR AND A WHOLE TIME DIRECTOR BY PASSING SPECIAL RESOLUTION IN A GENERAL MEETING TOGETHER WITH APPROVAL OF SHAREHOLDERS, |  |
Can such amount be given to a whole time director for his personal use.
Yes, such amount can be given to a whole time Director depending upon the internal policy of the Company. But before providing such a amount to whole Time Director, Company needs to pass special resolution in a general meeting together with the aprooval of Shareholder.
| Originally posted by : Jatin Bajaj | ||
|
Yes, such amount can be given to a whole time Director depending upon the internal policy of the Company. But before providing such a amount to whole Time Director, Company needs to pass special resolution in a general meeting together with the aprooval of Shareholder. | |
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