Please can anybody share the exact procedure and compliance to be made by the private limited company for accepting loans from shareholders.
2 Replies
Mandar
(Associate)
(561 Points)
Replied 15 June 2016
Kindly note provision of Section 73(2) (a) to (e) are not applicable to Private Limited Company pursuant to notifiaction dated June 5 2015 , if accpected from members monies not exceeding one hundred per cent of aggregate of the paid up share capital and free reserves.
Procedure :
- Call for Board Meeting
- Place before the Board copy of Resolution of Acceptance of Deposit.
- Approve notice of EGM at BM
- Call for EGM and Pass Ordinary Resolution for acceptance of deposit from the members upto 100% of paid up share capital and free reserve.
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