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    Loan Taken From Director BR

    Posted By : Sachin / Published on : 10-Feb-2022 02:55 PM / View : 154 / Comment : 1
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    Dear All,

    If Loan taken from director who is also shareholder in case of private company doe it required to pass board resolution ? or any other compliance is there?
    Read more on : director taken loan

    • Pass the BR u/s 179 (3)(d) subject to the Limits;

      RESOLVED THAT pursuant to Section 179(3)(d) and all other applicable provisions, if any, of the Companies Act, 2013 or subject to such modification and re-enactment thereof, consent of the Board of directors of the Company  be and is hereby accorded for obtaining unsecured loan not exceeding Rs._________(Amount in words) from (Name of the Director), Rs. _________ (Amount in words) from (Name of the Director)  in one or more tranches, and on such other terms and conditions as may be mutually agreed between the both parties".

      Exemption to Private Limited :

      SR u/s 180(1)(c) and file MGT 14 with ROC.

      This will not get covered u/s 188 (related party transaction) as loan is not covered under Section 188(1).

       

      As per Companies Act 2013:

      2(76) “related party”, with reference to a company, means—

      (i) a director or his relative;

      (ii) a key managerial personnel or his relative;

      (iii) a firm, in which a director, manager or his relative is a partner;

      (iv) a private company in which a director or manager 1[or his relative] is a member or director;

      (v) a public company in which a director or manager 2[and holds] is a director or holds along with his relatives, more than two per cent. of its paid-up share capital;

      (vi) any body corporate whose Board of Directorsmanaging director or manager is accustomed to act in accordance with the advice, directions or instructions of a director or manager;

      (vii) any person on whose advice, directions or instructions a director or manager is accustomed to act:

      Provided that nothing in sub-clauses (vi) and (vii) shall apply to the advice, directions or instructions given in a professional capacity;

      *****31[(viii) any company which is—

      (A) a holding, subsidiary or an associate company of such company; or

      (B) a subsidiary of a holding company to which it is also a subsidiary;

      (C) an investing company or the venturer of the company;";

      Explanation.—For the purpose of this clause, “the investing company or the venturer of a company” means a body corporate whose investment in the company would result in the company becoming an associate company of the body corporate.]

      20-06-2022 / 06:07:19 AM
      Reply



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