Companies act 2013

Please reply URGENT

no answer till now

As per Rules where Deposits has been defined- any money borrowed from Director doesnt tantamounts to 'Deposits' if such Director gives a declaration that money so lent to the Company is out of his own personal sources and not borrowed from Bank/FI's. Own funds means his own capital and not borrowed from FI/Banks and then given as loan to company....

Hello Pratik Sir,

Here my question is that director has 50 lakhs of capital. But that 50 Lakhs is not in liquid form. That is invested in land and business. So How will the director arrange for the loan of Rs 25 Lakhs to be given to company? Will he be required to sell off his land and then give on loan? or he can give loan from any other sources upto Rs 50 Lakh (amount equal to his capital)

 

Thanks

Yes he will have to sell the land and give to company. If he avails loan from Bank/FI with his property as security then provides to loan, it will be non-complaince of the rules..

Thank you sir,

Can u please giv me the link of the section where loan by directors rules are given as per companies act 2013

Sir, Please message me as i didnt receive your reply here. There is some problem, i am not able to see your reply

https://vramonline.wordpress.com/2013/11/09/section-185-of-companies-act-2013-loans-to-directors/

Sir

 

In the link mention by you its all about loan to directors, whereas i am talking about loan BY directors...