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loan from directors
can loan received by a company from a director be treated as a public deposit under the ambit of the Companies Act 2013?
Replies (2)
If it is the public Company, then Company can borrow any amount from the Director subject to the provisions of section 180(1)(c).And the Director shall give the declaration that such amount was not borrowed and has been given from his personal funds.
But if it is the private Limited Company, then Company can borrow any amount from the relative of director as well with same declaration and such disclosure shall be disclosed in Balance Sheet and the Board Report
No, amount received from Directors by company shall not be treated as deposits under companies Act, 2013.
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