Can a director being a shareholder gives loan to the company? Whether that amount will be treated as deposit under Companies Act 2013?
2 Replies
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 28 April 2014
He can give loan subject to his giving declaration as per proviso to Rule 2(1)(c)(viii) of Deposit Rules 2014.
CA Sumit Arora
(CA)
(1411 Points)
Replied 28 April 2014
Deposit from members shall not exceed 25% of aggregate of paid up share capital and free reserve as Director is a shareholder.
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