Please tell me if Loan from Director is Allowed in a company or not?
Also Please tell if Loan to Director is allowed or not?
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Loan from director
Replies (2)
Dear Gupta,
taking loan from directors is permitted under CA, 2013 but giving to directors or to any person in whom the directors are interested is prohibited under CA, 2013.
Yes taking loan from director is not permissible, only director has to give a written declaration that the loan amount given by him is not borrowed funds.
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