venkatesha (Practising CA) (28 Points)
22 May 2009Dear Professional freinds,
Can a Private company accept loan from directors? if yes under which provisions of the Companies Act 1956. If the same fact is reflected in the signed balance sheet and shown under unsecured loans in Annual return, does such annula return is an incorrect Annual return.
Could any one please help me in this regard.
Arros
(RM)
(69 Points)
Replied 22 May 2009
Can a Private company accept loan from directors? if yes under which provisions of the Companies Act 1956. If the same fact is reflected in the signed balance sheet and shown under unsecured loans in Annual return, does such annula return is an incorrect Annual return.
RAVI KARIA
(CORPORATE CONSULTANT)
(39 Points)
Replied 24 May 2009
Yes the private limited co can accept unsecured loan from Directors u/s 3(1)(iii) of the companies act.
Soumitra Chawathe
(--)
(107 Points)
Replied 21 September 2009
There are no limits as to how much amount a company can accept from directors in the nature of unsecured loans. Further, in Annual Return, we need to specify the secured loans (incl. interest outstanding) and not unsecured loans as on the date of AGM.
Private Company can accepts the loan from the Directors, Relatives & Freinds.
There is no bar on that.
The only bar is that private Company can not Invite the public to give deposits.
If the company has taken the loan from the Directors. Then , It is not wrong to show the loan amount, Whether it is Balance sheet or any other documents.
Ankur Shah (Practicing Company Secretary)
“Guru Gautam” Bungalow, Inside Parshwa Tower,
Nr. Shyamal Cross Road, 132ft. Ring Road,
Satellite, Ahmedabad – 15
Contact: + 91-9427633901
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Ravindra
(Accounts Manager)
(64 Points)
Replied 04 December 2009
Can Pvt Ltd company pay the loan to directors, if yes what are the consequnces.
Ravindra
harmeet
(accounts executive)
(48 Points)
Replied 09 December 2009
pvt ltd can't accept secured loan from directors/shareholders
MANISH KUMAR SINGH
(SERVICE)
(21 Points)
Replied 22 March 2010
DEAR SIR,
CAN U TELL ME HOW TO CALCULATED INTEREST ON UNSECURED LOAN
IF ....
OPENING BALANCE ------01/04/2009--------262753.75 CR.
-------30/06/2009-------125000.00 DR.
-------07/07/2009-------1175000.00 CR.
CLOSING BALANCE IS ----31/03/2010-------1312753.75 CR.
WHAT IS INTEREST @ 10% PLS.HELP ME.....
PULKESH GUPTA
(Service)
(31 Points)
Replied 21 August 2010
hello sir
I want to know whether a corporate assessee can take a unsecured loan from a sister concern and whether it can be in the form of cash and what are the provisions applicable to such unsecured cash loan
and if such loan is routed through bank what happened
Ruchi Shah
(Service in a Listed company)
(25 Points)
Replied 19 August 2011
Dear Sir,
There is a one client who has one proprietorship firm and the same person is a director in one private limited company formed by him. Now if he wants to transfer all his Fixed assets of proprietorship to private limited as unsecured loan from directors. Can he do so? if yes than at what amount of transfer? what is the tax effect of it? Pls mention the section of it.
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