Vinit (CA Final ) (188 Points)
14 May 2014Hi CCI member,
Please advise me whether a Pvt. company can take unsecured loan from director, shareholders, related companies, and relatives of director after the implimentation on new co. act 2013 and what are the compliance procedure in this regard.. Please advise.
Thank You.
Pritz
(Studying)
(95 Points)
Replied 14 May 2014
A Pvt. company cannot take unsecured loan from director, shareholders, related companies, and relatives of director after the implementation of new co. act 2013.
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 14 May 2014
Directors - YES (It is not a 'deposit')
Shareholders - YES [But only after compliance of Sec.73(2) which is not practical in all cases]
Companies - YES [It is not a 'deposit'. But lending company has to check compliance of Sec.185]
Relatives of directors - NO (If they are not directors or it is not treated as promoters contribution as per Bank's stipulation)
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