Can a private limited company collect unsecured loan from it

Uday G (Business) (254 Points)

09 January 2014  

A private limited company wants to collect unsecured loan from its members.

Members giving loan are holding only 1% of shares in the company.

The company will pay interest of 15% pa.

Is there any restriction on accepting the loan?

Is there any compliance or filing required for acceptance of loan?