Loan from share holder
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 February 2017
Dear Experts,
Pls clarify :- can A pvt. Ltd. Company accept the loan from its share holder if so? What its procedure
Regds
Akhil Gautam
Pls clarify :- can A pvt. Ltd. Company accept the loan from its share holder if so? What its procedure
Regds
Akhil Gautam
23 February 2017
Yes.
Subject to the following conditions;
1. money accepted from members does not exceed 100% of the Paid up share capital and free reserves
2. If the Company wants to accept the deposits of more than 100% of paid up share capital and free reserve from the members of the Company then company can accept the same by following the procedure mentioned under Section
a. Passing a members resolution,
3. Making provision for security, if any for due repayment of the amount of deposit accepted and interest thereon (not less than 12.5% at present) including creation of charge (Form CHG1) on the property or assets of the Company.
4. Filing the details of the money accepted with the registrar
Subject to the following conditions;
1. money accepted from members does not exceed 100% of the Paid up share capital and free reserves
2. If the Company wants to accept the deposits of more than 100% of paid up share capital and free reserve from the members of the Company then company can accept the same by following the procedure mentioned under Section
a. Passing a members resolution,
3. Making provision for security, if any for due repayment of the amount of deposit accepted and interest thereon (not less than 12.5% at present) including creation of charge (Form CHG1) on the property or assets of the Company.
4. Filing the details of the money accepted with the registrar
23 February 2017
1. Can accept loans from shareholders up to 100% of the aggregate of paid up share capital and free reservces.
2. Such companies shall file the details of monies so accepted with the ROC.
PS:- Inference is from Circular 9/2005 dated 5.6.2015.
2. Such companies shall file the details of monies so accepted with the ROC.
PS:- Inference is from Circular 9/2005 dated 5.6.2015.
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