Please confirm company can take unsecured loan from the directors and there relatives with zero rate of interest right ?
But while accepting deposit from directors, they must give a declaration to the company that the amount is their own money and not borrowed.
Please confirm if anything else need to be done ?
DPT-3 also need to be filed ?
Dear Professionals,
We have converted one partnership firm into the company on December 2021.
Before conversion, they have 2 lakh in the capital account and 50 lakh in the current account.
After conversion 2 lakh became share capital and Rs.50 Lakh treated as unsecured loan from director.
Can we convert above mentioned unsecured loan of 50 lakh (Previously current account) into share capital..?
Because;
In order to convert the loan into share capital, as per provisions of section 62(3) of the Companies Act, the company has taken loan on the terms that the loan will be converted into share capital and such option has been approved by special resolution before taking of loan then in such case subscribed capital can be increased.
It must be noted that it is at most important to pass the special resolution at the time of acceptance of the loan without passing the special resolution; the loan cannot be converted into share capital.
How can we convert the unsecured loan into share capital?
Please guide..
Dear Colleagues,
Please throw light on my query.
One shareholder has given an unsecured loan to the company, does this transaction fall under related party transaction?
If yes, then is it mandatory to disclose in the board's report and also in AOC-2?
Dear Friends
Can a company accept an unsecured loan from a person registered under the Money Lenders Act of the State. The acceptance of money, payment of interest, tds, repayment
and every thing is through bank.
Dear All,
A Private limited company wants to apply for voluntary strike-off. Please let me know how to prepare a NIL statement of account in case of the following scenario;
1. Paid up capital- Rs. 5,00,000/-
2. Reserves- Rs. 95,00,000/-
3. Unsecured Loan- Rs. 90,00,000/-
4. Brought forward losses- Rs. 85,00,000/-
5. MAT Losses- Rs. 25,00,000/-
6. MAT Credit Entitlement- Rs. 3,00,000/-
Thanks & Regards,
Dear Members,
If a private limited company accepted an unsecured Loan in 2019 from a person who is not a shareholder/director/relative then what would be the possible consequences of the same?
Whether is it allowed to accept Unsecured Loan in indian Rupees from NRI Director through his NRO Bank Account by Indian Private Limited Company.
If yes then are there any RBI related compliance required to comply before/ after accepting loan.
Members please guide. Thank you in advance.
Dear Members, Anyone have issued unsecured non-convertible debentures for a pvt co? What is the procedure?
debentures
convertible
unsecured
issue
private
In case of pvt ltd company, is it necessary to pass special resolution in general meeting while conversion of unsecured loan into equity share capital.
equity
loan
unsecured
conversion
Kindly suggest the max limit to accept unsecured loan from members of unlisted public ltd company . whether 10% of PU+ FR+SP or 35% . DPT 1 to be attached to which form while filing with MCA
A private company as well as public company can issue secured and unsecured debenture to his existing shareholder and debenture holder on right basis through only call board meeting.
Dear Friends,
Can a Private Limited avail unsecured loan from its Director with a condition of sharing certain percentage of profit.
