Unsecured loan from director

This query is : Resolved

Pranay Patel (Querist)
Follow

06 June 2014 Dear Members,

Pls suggest on my following query:

A Private Limited company has taken unsecured loan from its Director on 1st June, 2014.

Is there any compliance(s) to be made in this regard with ROC or any other authority.

Please reply

Thanks & Regards
Pranay

CA Gaurav Mittal

CA Gaurav Mittal (Expert)
Follow

06 June 2014 No,

Only a undertaking to be taken from director that loan received is from his own funds and not borrowed funds.

Pranay Patel

Pranay Patel (Querist)
Follow

06 June 2014 Thanks for the reply Gaurav ji.

Is there any specified format for such undertaking or we can generally draft it.

Would you mind if i ask you to share the format, if you have any.

Regards

Upgrade to CAclubindia Pro. Subscribe Now!