Loan from managing director

Pvt ltd 398 views 2 replies

What will the effect if Company takes loan from Managing Directors in the event of shortage of funds?

What are the compliances if any?

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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