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loan from directors
can a company take loan from directors ?
Replies (3)
Yes, a company can take loan from directors provided that amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others and the company shall disclose the details of money so accepted in the board's report.
a declaration to that extent that the monies are not borrowed funds also needs to be taken from the director
do companies need to provide explanatory statement with it?
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