Hi,
I and one of my friend is having a private limited company, we both are directors in the company. We want to take loan from our relative , please let me know the process in detail for the same.
Regards,
Prasant
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Loan from relatives in private limited company.
Replies (3)
yes you can take loan from director relatives, as it is exempted under section 58A. Pass Board resolution in the board meeting.
Parashar,
Passing of board resolution is not necessary for accepting loan from relative in case of Private Company. However you can pass resolution if u wish.
"Please ensure the relaive lender is covered under section 6 of the Comapanies Act".
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