unsecured loans
Poonam goyal (17 Points)
04 December 2018
Can the limited company take the unsecured loans from their shareholders or not?
1 Replies
Ruchika Somani
(Coaching and Practice in Tax Audit Law.)
(4429 Points)
Replied 05 December 2018
Where money accepted from members does not exceed 100% of the Paid up share capital and free reserves.
Allowed subject to: Passing a members resolution,n Making provision for security, if any for due repayment of the amount of deposit accepted and interest thereon including creation of charge (Form CHG1) on the property or assets of the Company. Filing the details of the money accepted with the registrar.
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