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
Menu
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.
Recent Topics :
- LTCG: Home Loan Principal Repayment?
- Ims action relationship query
- GIFT REGARDING
- TDS on salary to non resident managing director
- Ewaybill and Transport documents (Lorry receipt)
- LTCG on sale of Builder Buyer Agreement
- Rule 13(2)(h) and valuation of CCDs
- Leave encashment, New labour code, Management cadr
- GST clarification needed:
- TDS processed with short deduction default
Related Topics :
CAclubindia
