Hi,
Can someone clarify whether it is ok for a Pvt.Ltd.Company to accept a loan (by way of account payee cheque, ofcourse) from one of its directors to meet an emergency ?
Kindly advise
Thanks
Gireesh
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Doubt regarding loan from the director
Replies (3)
Yes, A private 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.
Director of a pvt ltd taken a term loan of its name and shown it company accounts . Beacuse company is newly incorporate
SEC.295 STATES THAT DIRECTOR CANNOT TAKE LOAN FROM A PUBLIC COMPANY.
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