Unsecured loan from individual

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 November 2016 Dear Experts,
Pls let me know can A pvt. Ltd. Company accept the unsecured loan from An individual if so? Any legal complience for the same as per company act.

Regards
Sohan Lal

Jatin Bajaj

Jatin Bajaj (Expert)
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08 November 2016 As per notification dated 15 September 2015, a Private Company can take loan from Director as well as relative of the Director subject to the declaration that such deposit is given by Director or his relative out of the personal funds but not from borrowing from outside.
But private Company cannot accept the deposit from general public or indivisual.
Kindly refer restrictions given under section 2(68) of the Companies Act 2013

Querist : Anonymous

Querist : Anonymous (Querist)

10 November 2016 Dear jatin sir
Thanx for your valuable guidance
in this regard. But in your reply i am
Confused on this line out of his personal fund pls let me know what
Do you means by out of his personal
Fund pls do clarify with an example if possible,

Thanks in Advance

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Jatin Bajaj

Jatin Bajaj (Expert)
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10 November 2016 FOR EXAMPLE : SUPPOSE DIRECTOR X HAS GIVEN 1 CRORE RUPEES TO XYZ PRIVATE LIMITED COMPANY. THEN IN SUCH A CASE SUCH AMOUNT SHALL ONLY BE ALLOWABLE IF THESE 1 CRORE HAS BEEN GIVEN OUT OF PERSONAL FUNDS. MEANS SUCH AN AMOUNT OF 1 CRORE SHOULD NOT HAVE BEEN BORROWED FROM ANY BANKS/ PFI OR FROM ANY OF HIS RELATIVES

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Querist : Anonymous

Querist : Anonymous (Querist)

15 November 2016 Dear sir thanks for your example it
Was really very well explained by yourself,

However pls guide me on my last
Query as below mention.
Suppose i am director in pvt. Ltd company now i want to hold company's 20% share also BOD is agree to allot the 20% share to me but problem is as of now i am unable
to pay the share money. Pls suggest
Me can company allot its share without capital i mean i will pay share money after 6 to 7 or before
if possible, pls suggest is it possible

Querist : Anonymous

Querist : Anonymous (Querist)

15 November 2016 Pls consider in my above query :- i will
Pay share money after 6 to 7 month of share allotment or before if possible,