We have a private limited company. We want to take loan from a foreigner. Pls. explain can we do so under FEMA assuming that person is a shareholder in the company. Is there any time limit for repayment?
1 Replies
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 23 April 2014
Loan from shareholders will be treated as 'deposit' and you will have to follow procedure laid down in Sec.73(2) of Companies Act 2013 besides following FEMA regulations.
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