What if a loan is bought in by director(also member of the company) to a Private Ltd. out of borrowed funds, an amount exceeding paid-up capital and free reserve Does section 73(2) apply or is private company exempt from the provision and only SR and board resolution need to be passed?
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Loan From Director in case of Private Company
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A loan or deposit cannot be made since the amount being advanced is also borrowed refer to RULE 2(1)(c)(viii) and Rule 10(2) even if he is a member Rule 10(2) shall apply
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