Hello Members
A co. has taken loan from its director. Now will it be entered in Register made u/301. What treatment loan from director requires.
In addition do throw light on how loan from shareholder is to be treated.
Thanks.
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Query-loan from director
Replies (2)
Hi Manish,
Company can accept loan from the Director and for that the following would be required:
1. A Letter from the director that the amount recieved is not deposit and just Loan (secured/unsecured)
2. A Board resolution in this regard.
Also
Please refer this link which will clear any doubt
https://www.thehindubusinessline.com/bline/2004/03/19/stories/2004031900620400.htm
Thanks & Regards
Amit Mishra
Hi Manish,
Yes the same would be required to be entered in Register u/s 301. Also consider the attached file.
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