what are the consequences if a company accepts a loan from its directors, or a company pays for the loan taken by its directors
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very very urgent
Replies (2)
there is no problem if Co. takes loan from the directors..but if Co. pays for Directors loan then i think this is not the genuine entry
If company pays loan of its directors and director have substantial interest then may attract section 2(22)(e). If company received loan from directors then there is no problem in the eyes of law.
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