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Director's loan as per company act, 2013

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Aditi Unadkat

Article Assistant

27 Points Posted on 27 March 2018

I want some clarification regarding following issue:

A private company borrowed a loan from a director. After some days, a director resigned from his post. Now, he is an ordinary outsider for the company. As per Company Act, 2013, A company can not borrow money from outsider. So, what is remedy in regard of this situation ? what procedure should be followed for repayment of loan & any resolution should be passed ?

Replies (3)

CA KANJ GOEL

OWNER

1058 Points Posted on 27 March 2018

No need to pass any resolution for repayment of loan.
regards
Kanj Goel
9015980399

Aditi Unadkat

Article Assistant

27 Points Posted on 27 March 2018

And What about time lag of repayment ? & how such repayment shall be considered as there is no specification regarding loan taken from outsider ?

Jatin Bajaj

1920 Points Posted on 27 March 2018

As per Deposit rules, if the private Company has accepted any amount from director then it would not be considered as deposit. Provided that declaration must have been taken at that time at the time when he is director.

So now it is better to repay the loan at the earliest to avoid unsecured creditors in book of accounts and no need to pass any Board resolutioon