minimium rate of interest on loan given & taken to sec 301 p
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 May 2010
in case of pvt ltd company what is the minimium limit of rate of interest on loan given & taken to & form sec 301 parties
27 May 2010
There is no minimum rate prescribed under the companies act. The rate should not be lower than the average cost of borrowing of the company. Otherwise it would be deemed to be prejudicial to the interest of the members of the company.
Sec 372A states that the rate should not be lower than bank rate. This is not applicable to private limited co.
Sec 372A states that the rate should not be lower than bank rate. This is not applicable to private limited co.
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