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Unsecured loan from Minor

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(Querist)
10 March 2010 can a Private Limited Company take unsecured loans from Minor sons of directors?
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Rasesh

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Rasesh (Expert)
10 March 2010 A Pvt. Ltd. co. can take deposits from members, directors and their relatives. hence, from the son of director who is a minor, deposits (unsecured loans) can be taken. The fact that he is a minor is not relevant to the Pvt. Ltd.

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