Query on sec 314

Ritika Agarwal (Professional) (55 Points)

13 August 2013  

Hii I have a query regarding Sec 314:-

A Pvt Ltd company has taken loan from  Mr. X, spouse of one of the director of the company on which Company is paying Rs.15000/- p.m. as interest to Mr. X.

Will it be covered u/s 314 of the Companies Act 1956.

Can anyone pls guide me on this???

Its kind of urgent!!!

Thanks in advance yes