friends, can a pvt ltd co. take loan from relatives & friends of directors & shareholders.....
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loan by pvt ltd co.
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Please note that 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.
Yes. No restriction on Pvt. Ltd. yet
thnks ash...
Hello Amit,
In case of Pvt ltd cos., ther is no restriction for loan from Directors, Shareholders and/or their relatives, but it can not take loan from friends of Directors, Shareholders and the same if taken will be treated as deposits.
Shashikala Shah
PCS
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