Private limited co.
Nishant Saki (24 Points)
05 October 2020
Can a private limited co. take a loan or deposit from the relative of director?
1 Replies
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 05 October 2020
Private Limited Company can accept loan from the relative of the Director if relative furnish to the company at the time of giving the money, a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others..
i.e Director and Relative of directors can give loan from his own fund (not borrowed fund) to Private limited Company
i.e Director and Relative of directors can give loan from his own fund (not borrowed fund) to Private limited Company
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