SEC2(22)(e)

1. As per sec 2(22)(e), if a company provides loans or advance to a shareholder,
a. any of its shareholders who has more than 10% voting power in the company or
b. to any concern in which such shareholder is substantially interested or
c. for the individual benefit of such shareholder or
d. on behalf of such shareholder,
to the extent of accumulated profit of the company, will be treated as deemed dividend u/s 2(22)(e) of the act. 
2. Dividend distribution is to be paid by the company on such dividend. From 01.04.2018 any company which is paying a dividend which is in the nature specified u/s 2(22)(e), the tax shall be payable @ 30% plus surcharge and Edu cess on such loan or advance.  
3. In your case, if the director happens to be a shareholder as per the above criteria then, he Rs. 15,00,000 loan amount to the extent of accumulated profit will be treated as dividend as per sec 2(22)(e) of the act. 
4. If he is merely a director without holding any share in the company. Then sec 2(22)(e) will not be applicable to him. It will be treated as a loan and there will not be any Income tax liability with respect to such transaction. 
Please correct me if the above solution has an alternative view.