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Interested director

17 May 2014

one of my company have only two director ,it wants to take loan loan from director .

my query is that

wheather it can take loan from director .as in board meeting interested director cannot participate. and such quoram failed for want of director .

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3 Replies

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 17 May 2014

If the loan is interest free, one could argue that the director is not interested in the resolution. However, if interest is being paid, you will have to appoint additional disinterested director.

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CA.ARUNKUMAR.M (Chartered Accountant) (47 Points)
Replied 14 June 2014

Hi,

My Query is the Director resigned from office on January 2014 and the company also accepted the Notice of Resignation. But the company did not file Form 32 under the Companies Act,1956 till March 28th. Now that the procedures changed the company is ready to file Form DIR 12. But the Issue is whether DIR 11 should be filed by the director who resigned ?? Is it mandatory to file both the forms in this case.. Please Suggest..