if a relative has given loan to director out of OVERDRAFT AGAINST FIXED DEPOSIT does that violate acceptance and deposits notification dated 15.09.2015.where it is required to furnishes to the company at the time of giving the money, a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits
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URGENT KINDLY HELP!! source of loan from relative of directors OVERDRAFT AGAINST FIXED DEPOSIT
Replies (2)
How is It going to Attract Companies Act? when the transaction took place between relative and Director?
i am seriously apologizing for the error its given to the "company" not to the director
if a private limited company has taken up a loan from the relative of the director where the loan amount is OVERDRAFT AGAINST FIXED DEPOSIT of the relative does that violate acceptance and deposits notification dated 15.09.2015.where it is required to furnishes to the company at the time of giving the money, a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits for relative of director
thanks for pointing the error,hope you will reply
kabir
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