Gagan Deep Singh
(CHARTERED ACCOUNTANT)
(1190 Points)
Replied 24 August 2014
A company can can give loan to a pvt ltd or ltd u/s 186 by the consent of all the directors subject to HIGH ER of the following:
1. 60% of its paid up capital, free reserves & securities premium account or
2. 100% of its free reserves & securities premium account.
If the loan amount exceeds the aforesaid limit then approval of shareholders needed by passing special resolution.
Shah Yash
(surat)
(80 Points)
Replied 24 August 2014
Vandana J Doshi
(Practising Company Secretary)
(12562 Points)
Replied 25 August 2014
Hi,
As per New CA 2013, any amount taken from individuals, not being a director of the company, will be treated as deposits and the company will then have to follow the deposit rules.....
Gagan Deep Singh
(CHARTERED ACCOUNTANT)
(1190 Points)
Replied 25 August 2014
Sorry Mr. Shah for my wrong interpretation. Now answer to ur query is the following:
The only way u can give loan to a company by becoming a director in that company, otherwise u have to comply with deposit rules.
Moreover, while giving loan to a co. as a director u have to give declaration that u are giving loan not from any borrowed funds.
CAclubindia
