My question
Can a pvt comany received loan from director's Huf???
Please suggest is it ok
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Loan yo p ltd company
Replies (2)
Quick Summary
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...
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