Unsecured loan from promoters

Under Rule 5 - Acceptance of Deposit Rules - Page 7/8:

Promoters can brought in unsecured loan only if there is stipulation mentioned by bank/ FI.

Does it mean that Promoter/ Director cannot bring in unsecured loan when there is no bank/FI borrowings?

Thanks

Replies (5)

Loan from  directors is also exempted under Rule 2(1)(c)(viii) subject to  his giving specified declaration.

can anybody tell me provisions regarding renewal of FFMC license . after how many years it shall be renewed or it is required to be renewed after every financial year?

Thanks

Agrawalji, Thanks for your reply. 

It also means that everytime the promoters bring in unsecured loan, they will have to give specified declaration.

 

Yes please it is mandatory.


 

As pe the Deposit Rules, the Unsecured Loan can be obtained from Directors only and not from Director's relatives or shareholders. Yes you are right here that if the company has not taken any secured loan from FIs and there is no such stipulation, no loan can be taken from Promoters or Shareholders

 

But here is one question from my side also that wheteher unsecured loan can be taken from any Partnership Firm in which no directors are the partners?

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