please guide me can we take unsecured loan from Member's relatives. what complaince we need to do for the same.
we are unlisted pvt co with 1.5cr capital
thank you
You can take loan from directors or relatives of directors if the loan is not given by him out of borrowed funds. [Rule 2(1)(c)(viii) of Companies (Acceptance of Deposits) Rules 2014.] If so, pass Board resolution and take a declaration to this effect from the person concerned and give details in annual report.
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