A company take a loan for his project and after completion of project director realise that finance company charge high rate of interest than he will decide to take over this loan from another finance company for interest reduction purpose so he takes loan on his(Director) name and paid the company loan now situation is the amount of take over is 1.5 cr and annual interest is approx 20 lac, in company books director stand in director loan from 1.5 cr because he take this loan on Director name not company name and in director books are going to negative after this interest expenses, So can director charge interest on unsecured loan from company?
and if charge then how much interest rate chargeble.
Kindly give your expert advice on that matter.
Loan given by director to company by taking loan from others is offence under companies act. It is treated deposit .
and company has to make compliance under section 73 to 76 of the companies Act 2013.
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