unsecured loan from directors
This query is : Resolved
19 November 2008
Can a Public Ltd Co. and a Pvt. Ltd CO. can take unsecured loans from its directors who are also the shareholders.
If yes, then upto what amount?
Further, can a public ltd co. and a pvt. ltd co. can advance loans to its directors. If yes, then upto what amount?
Please ans
Thanx
If yes, then upto what amount?
Further, can a public ltd co. and a pvt. ltd co. can advance loans to its directors. If yes, then upto what amount?
Please ans
Thanx
19 November 2008
Loan can be taken no limit.
Loan to directors - shall comply with sec 295 of the act.
Pvt company - Not applicable of sec 295.
any transaction represented by a book debt.
Loan to directors - shall comply with sec 295 of the act.
Pvt company - Not applicable of sec 295.
any transaction represented by a book debt.
19 November 2008
as per sec 295 - Previous approval of CG is required in every case falling under this section.
19 November 2008
If a profit making private limited company give loan/advance to its directors provisions of section 2(22)(e) of the income tax act,1961 applies.
25 November 2008
Thanx for the answer
Further I want to know that loan to a director can be interest free or not in a pvt ltd company earning few profits.
Plz ans.
thanx.
Further I want to know that loan to a director can be interest free or not in a pvt ltd company earning few profits.
Plz ans.
thanx.
17 December 2008
First of all Section 295 is not applicable to a private limited company.In my opinion interest free loan can be given to a director by a private ltd Co.
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