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Loan From Directors

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(Querist)
03 May 2011 Dear experts

Pls help on following:-

Can a private ltd. co. can take interest free unsecured loan from its director who is holding substantial share capital of the company.
The amount of loan is approx. 7 to 8 crores.

Regards
Deepak Kakkar
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CA Navin Jain

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CA Navin Jain (Expert)
03 May 2011 YES, COMPANY TAKE THE INTEREST FREE LOAN FROM DIRECTORS

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