Hi
Can someone clarify if its OK to accept a loan from a director(ofcourse, through a account payee cheque) to meet an emergency ?
Thanks in advance.
Gireesh
Hi
Can someone clarify if its OK to accept a loan from a director(ofcourse, through a account payee cheque) to meet an emergency ?
Thanks in advance.
Gireesh
Dear Gireesh,
A private /Public limited company can take unsecured loan from its shareholders, directors and their relatives and the same would not be covered under section 58A and other deposit provisions as such transaction is exempt by deposit rules 1975.
Regards,
You should pass a Board resolution for taking loan from director.
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