What will the effect if Company takes loan from Managing Directors in the event of shortage of funds?
What are the compliances if any?
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Loan from managing director
Replies (2)
Company can take loan from director. Just director.will give one.declaration that fund is relating.to his own funds not.borrowed
Compliances for the company:
.
- Ensure that the loan is within the limits specified u/s 180(1)(c)
- Pass Board resolution u/s 179(3)(d) only in meeting
- File Form MGT.14 with ROC
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