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Q. > Please Help: Loan From Directors to Private Company in Companies Act 2013
Can anyone please guide me, what are the provisions for unsecured Loan from directors and shareholders under companies Act 2013? I have read somewhere that ..
the Companies Act 2013 has brought a major change in the borrowing provisions for private companies and removed shareholders and relatives of directors from the list of lenders. Going forward the private companies can borrow only from directors apart from banks and financial institutions provided the director gives a declaration that the amount that he is giving is not out of borrowed funds.
I want to know the fact and clarity.
kindly help.
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neha gupta
14-Apr-2014 , 10:55:25 amNoCompanyincludingPrivateCompanyshalldirectlyorindirectlyadvanceanyloantoanyofitsdirectorsortoanyotherpersoninwhomthedirectorisinterestedorgiveanyguaranteeorprovideanysecurityinconnectionwithanyloantakenbyhimorsuchotherperson. Providedthatnothingcontainedaboveshallapplyto:- (a)Thegivingofanyloantoamanagingorwholetimedirector- (i)asapartoftheconditionsofserviceextendedbytheCompanytoallits employees. (ii)pursuanttoanyschemeapprovedbythemembersbyaspecialresolution. b)Aloanpaidorguaranteeorsecuritygivenfortherepaymentofanyloanintheordinarycourseofbusiness