Recently Ministry of Corporate Affairs issued a Circular regarding the Acceptance of Unsecured Loans apart from Director in New Companies Act 2015.
Borrower of Loan: Company and Private Limited Company
Lender of Loan: Any person (Whether Director of the Company or the relative of the director of the Private Company)
Borrower of Loan: Company and Private Limited Company
Lender of Loan: Any person (Whether Director of the Company or the relative of the director of the Private Company)
Conditions to be adhered by Lender:
- Furnish a Declaration in writing that amount is not being paid out of funds acquired by him by borrowing or accepting loans or deposits from others
Conditions to be adhered by Borrower:
- Disclose Details of Money accepted as per the above declaration in Board Report
Amendment as Follows: