Loan from director

19 November 2020

can a director advace a loan to company by taking it from outside parties

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5 Replies

JATINDER KUMAR (Accountant) (3662 Points)
Replied 20 November 2020

Yes.....

satender (non) (125 Points)
Replied 20 November 2020

Director can only give loan to the company but a can not taken the loan from related parties.

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SHIVANI KUDTARKAR (511 Points)
Replied 20 November 2020

Kindly quote the relevant section

anil jain (Partner) (1067 Points)
Replied 21 November 2020

Pl see rule 2(1)(c)(viii) of Companies (Acceptance of deposit) Rules 2014.

Chirag (Professional) (1979 Points)
Replied 27 November 2020

No, From Borrowed Fund ,Director Can't do because it will fall under deposit.

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