Loan from directors

This query is : Resolved

seema singla (Querist)
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18 January 2017 A co. having a share capital of rs. 1 lac has loans from directors and their relatives for Rs 25 lacs on 31.03.2012. After that the co. did no operations. No filing etc . Now the co wants to start operations.
As per companies act,2013, a special resolution should have been filed till 31.3.2015. Exemption was given on 5.6.2015.
But the co has not filed any resolution so far.

Now as per companies act, 2013, is there going to be any contravention of the act regarding the loans?
Can the co. Continue with these loans?
Sir plz answer...

Pratik Shah

Pratik Shah (Expert)
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19 January 2017 There is no contravention of any provisions of Companies Act 2013.
Since the loans from Directors and Relatives were taken as per Companies Act, 1956 in which Section 293 was not applicable to Pvt Companies. (I presume that yours is Pvt Co).

Now, Section 180 is applicable only if you want to take further loan which goes beyond the limit given in Section 180. Hence, this section is applicable to your company only if your company wants to raise fresh amount of loan.