Jatin Bajaj
(CS)
(2930 Points)
Replied 13 September 2018
If it is the public Company, then Company can borrow any amount from the Director subject to the provisions of section 180(1)(c).And the Director shall give the declaration that such amount was not borrowed and has been given from his personal funds.
But if it is the private Limited Company, then Company can borrow any amount from the relative of director as well with same declaration and such disclosure shall be disclosed in Balance Sheet and the Board Report
Santhosh Gundinahole
(Studnet)
(347 Points)
Replied 15 September 2018
CAclubindia
