17 May 2009
As far as Company Act is concerned yes board resolution is required.
If a compant accepts loan from its directors a board resolution u/s 292(1)(c) is required to be passed.
Further in the board meeting that director should disclose his interest u/s 299 and in passing the resolution above that particular director can not participate in the voting & can not be considered in quorum as per section-300 of companies act.
Please go through section-292, 299 and 300 deeply for more understanding.
Regarding restriction on loan amount please go through section 293(1)(d).
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