Loan from foreign director

CA SHAHZAD RAHMAN (CA) (46 Points)

09 July 2012  

KInd Attention: Dear Ankur Garg Ji

My client is a private limited company dealing in software development for overseas market.

They are planning to introduce a foreign director who will in turn invest in the company. As I already know that Unsecured Loan from Director is not covered under Deposit Rules 1975 but considering that the Director is a foreign national, what other statutory requirements needs to be fufilled in this regard.