Can a private limited company take loan from director?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 September 2011
If a director has taken a loan from a bank by pledging his FDs,and bank transfer the funds to company's loan a/c, comapny directly repaying the loan to bank on behalf of director,
then can it be treat as a loan taken from bank by the comapny or it should be treat as a unsecured loan from director?
then can it be treat as a loan taken from bank by the comapny or it should be treat as a unsecured loan from director?
RG - A Helping Hand
(Expert)
28 September 2011
Yes it would be considered as unsecured Loan to company from director. The same should be authorised by passing a board resolution u/s 292.
RG
RG
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