Whether the company can accepts loan in cash from Director? Expert please clarify.
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Cash from director
Replies (4)
yes if the memorandum and article of associations provide the clause for it. director cannot provide the loan to company in excess of amount specified in its article of association.
Refer to section 269SS and 269T. Loan in cash should not be accepted for value exceeding 20,000/-.
agreed with dipjyoti
It is allowed.
It is also shown in notes to accounts under the head RELATED PARTY DISCLOSURES.
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