My question
Can a pvt comany received loan from director's Huf???
Please suggest is it ok
Menu
Loan yo p ltd company
Replies (2)
As per the Companies Act, 2013, a private company can accept loans from its directors, subject to certain conditions. However, there is no provision under the Act that prohibits a private company from accepting loans from the Hindu Undivided Family (HUF) of its director.
It is important to note that the terms and conditions of the loan should be fair and reasonable, and should be approved by the board of directors of the company. The loan should also be documented properly, and the company should disclose the details of the loan in its financial statements.
It's an exempted deposit ,subject to conditions that Director has to give Declaration that money given is from own sources and not from borrowed one....Borrowed money can't be given as deposit and it will fall under deposit u/r2(1)(c) of Companies ( Deposit ) Rules...
Recent Threads
- Un claim ITC
- Form 49AA - OCI card holder applying for PAN card
- Section 54f and Sale between father and Son.
- Demat of shares of private limited company
- Income only with share market around 5-6 lack
- Missed GST Reporting for March 2025
- Future and Option Turnover
- Outstanding demand
- Error in filing income tax return
- DRAFT - DIRECTOR's REPORT OF BASE LAYER NBFC
Related Threads
CAclubindia
