Whether Pvt Co. can take unsecured loans from directors. if yes then please specify in which manner can take unsecured loans
1 Replies
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 19 May 2015
Yes, within the limits specified u/s 180, if the director gives declaration that the amount is not being given out of borrowed funds.
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