Unsecured loans
This query is : Resolved
01 September 2015
CAN WE BRING ANY AMOUNT OF UNSECURED LOAN FROM ANYBODY IN OUR PRIVATE LIMITED COMPANY SUBJECT TO COMPANY'S ACT OF SEPTEMBER 2013. I HAVE HEARD THAT RULES FOR TAKING UNSECURED LOANS NOW HAVE BEEN SIMPLIFIED AND WITH NO RESTRICTION A PVT LTD COMPANY CAN BRING ANY AMOUNT OF UNSECURED LOAN. NOTHING IS APPLICABLE SUBJECT TO SEPTEMBER 2013 COMPANY ACT
03 September 2015
No, it is not possible to take unsecured loan from ANYBODY.
I will bifurcate this into following points.
1. from Directors - a private company can take unsecured loan from Directors without any limit.
2. from Shareholders - a private company can take unsecured loan from its shareholders upto 100% of aggregate of its paidup capital and free reserves.
Private company can not take money from any other persons subject to provisions of 73 of Companies Act 2013
I will bifurcate this into following points.
1. from Directors - a private company can take unsecured loan from Directors without any limit.
2. from Shareholders - a private company can take unsecured loan from its shareholders upto 100% of aggregate of its paidup capital and free reserves.
Private company can not take money from any other persons subject to provisions of 73 of Companies Act 2013
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