Loans from director to a private company

Yes it is still exempt as on date of taking loan from Directors the condition had been complied with.

section 295 makesit crystal clear that a public or private company cannot issue loan to its director with out btainig prior approval of th central government.

Mr. Tanveer

Thanks for your observation. Perhaps you have read the issue in haste and therefore the answer was not too appropriate.

Here the matter was that the Company received the loan from Directors and did not give the loan to Director -- thereby not attracting section 295.

Regards,