Can Private Company Accept the Loan from whole time Director ?
1 Replies
CA Sachin Agarwal
(Chartered Accountant B.com (Accounting Hons))
(831 Points)
Replied 30 May 2018
Ministry of Corporate affairs vide its notification dated 15.09.2015 has provided that wef 15.09.2015 a private company can accept unsecured loans apart from director also from a relative of Director provided that relative of director from whom money is received, furnishes to the company at the time of giving the money, a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others and the company shall disclose the details of money so accepted in the Board’s report. The relative need not be a shareholder of the company.
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