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loan from director

CS DEEPA JAIN (COMPANY SECRETARY) (103 Points)

23 January 2019

if pvt co take loan from its director and he is also a shareholder of the co. director give loan from it's own fund
after three years company not carry
any business and unable to pay director loan amount
company and director with mutual understanding applying for strike off with roc it's possible to strike off company without pay loan .if company has no funds to pay

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2 Replies

AAKASH PATEL (4 Points)
Replied 25 January 2019

(Disclaimer- This is just my view of opinion, it can also be incorrect)After referring the provision of the Act, I believe that it will be possible for a company to strike off, as it is clearly mentioned that, except if a company has made default in repayment of public deposits,which indicates that there is no clarification on deposits from directors or members accepted, further as per companies Act 2013 loan from director or member are to be treated as deposit and hence as there is no clarification on such deposit (loan) accepted by director of members, it can be interpreted from above mentioned provision that there shall be no problems in striking off name even though loans from director of members are outstanding.

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Vatsla Alagh (1545 Points)
Replied 30 January 2019

Company can not apply for strike off until and unless it clear all its outstanding dues. However, u may take NOC along with letter for waiver of such loan from directors.