IF A PRIVATE LIMITED COMPANY IS NOT HAVING CASH FOR ITS NORMAL EXPENSES (IF IT DO NOT WANT TO WITHDRAW FROM BANK OR PAY FROM BANK) ,CAN COMPANY TAKE LOAN(CASH) FROM DIRECTORS ? WILL IT REQUIRE TO PASS A RESOLUTION OR WHAT WILL BE THE OTHER FORMALITIES OR WILL THERE BE ANY AGREEMENT?
2 Replies
Simranjeet Singh
(Proprietor at S Simranjeet & Associates Company Secretaries)
(4396 Points)
Replied 15 January 2011
Simranjeet Singh
(Proprietor at S Simranjeet & Associates Company Secretaries)
(4396 Points)
Replied 15 January 2011
I believe it can do so as sec. 295 is applicable to only public comapnies... you wanted to know abt loan to directors OR loans from directors....... i have replied for the first one....... and no idea abt sec one as sec. 295 deals with loans to directors etc... and i am awared with this only.......... waiting for other expert comments.........
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