company has taken a loan from person when he was a director but he is not a shareholder.
but during the financial year 19-20 he is not a director and not a shareholder, whether there is any non compliance.
A private limited company can accept loan from its director or relative of director from their own funds only.
Director & relative has to furnish a declaration to the company that loan is being provided from own funds & without taking loan from other.
So, if it's taken when he was Director, than it's ok..but now you can not take.
CAclubindia
