What will the effect if Company takes loan from Managing Directors in the event of shortage of funds?
What are the compliances if any?
2 Replies
CS Divesh Goyal
(Practicing Compnay Secretary)
(50535 Points)
Replied 02 December 2014
Company can take loan from director. Just director.will give one.declaration that fund is relating.to his own funds not.borrowed
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 03 December 2014
Compliances for the company:
.
- Ensure that the loan is within the limits specified u/s 180(1)(c)
- Pass Board resolution u/s 179(3)(d) only in meeting
- File Form MGT.14 with ROC
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