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borrowing by company
from whom a company can take loan and what are the conditions to be fulfilled
Replies (1)
Dear Sridhar,
A company can borrow secured loans from Banks or any Financial Institutions u/s 179 and 180 of companies act, 2013 by passing Board Resolution/Special Resolution.
A company can borrow unsecured loan from directors or relative of directors without any limit with a condition that director or relative of director gives an undertaking that the said funds are owned by them and not borrowed from someone.
Thanks and Regards
CS Divyam Parbhakar
Practicing Company Secretary
Divyam Parbhakar & Associates
Mobile No: - 9877620329, 8699630920
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