Is there any limit on payment of interest of unsecured loan accepted from directors by pvt companies as per new company act 2013
1 Replies
CS Durgesh Soni
(COMPANY SECRETARY)
(88 Points)
Replied 19 March 2015
Rule 2(c)(viii) of the Companies (Acceptance of Deposits) Rules, 2014 doesn't take into consideration any amount received from a person who at the time of receipt of the amount by the Company was a director of the Company.
Rule 3(6) of the Companies (Acceptance of Deposits) Rules, 2014 -Rate of interest of deposits/payment of brokerage Rule 3(6) states that no company under sub-section (2) of section 73 or any Eligible company shall invite or accept or renew any deposits in any form, carrying a rate of interest or pay brokerage thereon at a rate exceeding the maximum rate of interest or brokerage prescribed by the Reserve Bank of India for acceptance of deposits by non-banking financial companies.
Since there isn't other provision regarding paying of interest on loan from Directors, the matter isn't yet clear. Lets wait for other replies.
Thanks & Regards,
CS Durgesh Soni
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