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Acceptance of unsecured loan from director's relative

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(Querist)
29 February 2016 Dear Friends

Kindly Advice on below Query:

Now Private Companies can accept unsecured loans from Relative of Directors w.e.f. 15.09.2015.
Can Relative need to be shareholder of the Company?
Should there be need to transfer the shares to Director's Relative before accepting loan from him?
Regards
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Pratik Shah

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Pratik Shah (Expert)
01 March 2016 There is no requirement for a relative to be a Shareholder of the Company.

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