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Unsecured loan from director under companies act, 2013

Damandeep Singh (Student) (1062 Points)

06 July 2016

Dear Members,

There is a Private limited company having authorized share capital of Rs. 15 lakhs incorporated on 21.09.2015. Can it accept unsecured loan from director who is also major shareholder in the company and is there any RoC compliance for the same ??

Pls guide.

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CA ABHAY GUPTA (Practice) (3230 Points)
Replied 06 July 2016

"Any amount received from a person who, at the time of receipt of the amount, was director of the Company, will be out of preview of Deposits”.

Condition: The director from whom money is received furnishes to the company at the time of giving the money, a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others.
-section179(3)-180

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CA ABHAY GUPTA (Practice) (3230 Points)
Replied 06 July 2016

thus loan can be accepted from director

Damandeep Singh (Student) (1062 Points)
Replied 06 July 2016

Okay. Thank you Sir and is there any RoC compliance for same ? Do I need to intimate to RoC through any form like DPT - 3 or MGT - 14 for the same ?? Pls guide me.