Loan from directors by pvt. ltd. company

Hello Niraj, 

Yes you can take advantage of Circular No. 32/2014 regarding transitional period for resolutions passed under Companies Act, 1956. Subject to condition that implementation of the resolution has commenced before 1st April, 2014. I presume you have filed MGT-14 with the ROC for this resolution. 

Under Companies Act, 2013 a Company can take Loan/Deposit from its Directors. However the power to borrow has been conferred to Board of Directors under Section 179 (3) (d) of Companies Act, 2013. According to Section 117 of the Companies Act,2013, a Company is required to file Resolutions Passed by its Board of Directos under Section 179 of Companies Act, 2013. Thus a Company has to file Board Resolution for obtaining Loan from its Directors in Form MGT-14, within 30 days of passing the resolution. 

Thanks & regards,

CS Rahul Kabra