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
Menu
Doubt regarding loan from a director
Replies (2)
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.
Recent Threads
- Tds deduction queery
- Check ITR1 on income tax Form ITR1 Instead of 1 ho
- Form 121 requirement
- Interest on reversal of ITC when ITC balance avail
- Is MirrorFly an Instant Messaging Software?
- ITR filling for legal heir
- How Can I qualify CA Final Exam?
- Wrong reporting on 22 april 2026 under article inc
- Articeship Form 107
- TAN for Multiple States
Related Threads
CAclubindia
