What could the resolution be for giving unsecured loan from a director to the company?
7 Replies
Pavan Jain S
(Chartered Accountant)
(1575 Points)
Replied 16 January 2009
A Company can borrow loan from director with the consent of the board.. The issue of approval of members is required only when the amount already borrowed and proposed to be borrowed exceeds the paid up share capital of the Company.
Lineesh James
(Company Secretary)
(30 Points)
Replied 16 January 2009
1. Get a letter from the Director that the money has not been borrowed by him for the pupose of lending it to the Company. Otherwise the unsecured loan may be treated as a Deposit.
2.Pass a resolution at a meeting of Board( not by circulation )
Tulsi.Daryanani
(Trainee)
(25 Points)
Replied 05 November 2009
i need to have a draft for resolution to be passed in Board Meeting for taking loan from director
please revert as early as possibel
Rajendra Naik
(Manager)
(23 Points)
Replied 29 July 2010
Dear All
what is provision in company act to take back the unsecured loan given by director or partner?
Is it possible to take back the loan ??
Thanks & regards
Raj
bharath
(ss)
(85 Points)
Replied 23 May 2012
hi,
in the time increase of share capital from directors loan we pass resultions right ... but company have loan from one(A)director. but dont have another director(B) . so A s share 75 % B s share 25% .
but B dont have money . so that time A s portion of loan transfered to B in books. so that much of money given by A loan .
so i want draft for agreement between two director loan transfer ?
plaese suggest me si... please what procedure have to follow for transfer of A to B loan
and please send draft for me urgently .... to
bharathkumar @ eventtracker.com
bharath
tahir hussain
(student)
(25 Points)
Replied 11 March 2015
what is the nature of directors loan and where is to be shown in balance sheet
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