05 March 2012
There is no prohibition on accepting loan from a director. the only thing that the company should keep in mind is that is does not violate the provisions of Section 269SS and Section 269T, i.e., it does not accept or repay the loan amount in cash if the amount exceeds Rs. 20,000/-
Since you have mentioned that the loan shall be availed through an account payee cheque, the provisions of Section 269SS are not violated.
Accordingly, the company can accept loan from the director.
05 March 2012
However, as per Companies (Acceptance of Deposits) Rules, the company should obtain a confirmatory letter from the director stating that the money lent is his /her own money and not borrowed money.
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