Dear Friends,
Can a Private Limited avail unsecured loan from its Director with a condition of sharing certain percentage of profit.
A pvt. ltd purchased a land from B ltd. which had Mr. D as common director.
Now instead of paying B ltd for land Mr. D (having an unsecured loan on B Ltd.) transferred his existing unsecured loan from B ltd. to A pvt. ltd. thereby paying B ltd. against the Land. this transaction is dated 26/03/2019.
Current situation is: an unsecured loan is in the books of A private ltd. by Director who is also a shareholder.
Please guide on the Compliance part being a Private Limited Company its an urgent query.
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Dear Friends
Have a query
A private company has taken unsecured loans from one of its Director and one Shareholder.
Now in this case wanted to understand the compliance process
Can anyone please guide me on the compliance and the documents needed
Thanks
Regards
CS Kavita Padia
The case is somewhat like this: 1. The Directors gave a loan to the company in an unsecured manner- 2. company bought property in its own name and in the balance sheet the loan stood as an unsecured loan from directors. 3. now the company is willing to transfer the property in the name of the directors and a corresponding effect is to write off the amount of loan to the tune of the value of the property, let suppose the value is Rs. 10/- and loan standing is Rs. 15 then Rs. 5/- be left as unsecured loan amount and property be transferred. Thanks for the valuable suggestion Curtsy: Ashutosh Sharma
Click here to view / answer Share it onDear Experts, The deposit Rules provides the list of the persons which are not treated as deposit... viz. i. Amount from government and guaranteed by government. ii. Amount received from foreign government or foreign Bank. iii. Loan from Banks and Financial Institutions. iv. Amount received against commercial paper. v. Inter corporate borrowing. vi. Subscription to securities and call in advance. vii. Amount from Directors. viii. Secured Bonds/debentures. ix. Convertible bonds/debentures. x. Non-interest bearing security deposit from employee. xi. Amount in trust. xii. Advance and security deposit received by company. xiii. Unsecured loans from promoters. xiv. Amount accepted by Nidhi Company. Hence, if we show all the shareholders as Promoters in the Annual Return then whether the Deposit received from them will be except from Deposit ?
Click here to view / answer Share it onDear Professionals, Can anybody provide me the draft of unsecured loan agreement?
Click here to view / answer Share it onDear Members, Please guide with reference to above subject. In a private limited company a director has contributed loan to company as unsecured loan without any terms or condition. Now the company wants to allot shares using the unsecured loan. Is it possible to allot shares using unsecured loan. If yes please let me know the procedure. Q. curtsy: Ramesh CS
Click here to view / answer Share it onDear Members, Please guide with reference to above subject. In a private limited company a director has contributed loan to company as unsecured loan without any terms or condition. Now the company wants to allot shares using the unsecured loan. Is it possible to allot shares using unsecured loan. If yes please let me know the procedure.
Click here to view / answer Share it onDear Members, If a Pvt company accepts unsecured loan from a person who is director as well as share holder of exceeding the limit PUC+FR+SPA, will at attract section 73(2) , as loan from director is exempted.
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can a private company take loan (without interest) from a partnership from where the director is also a partner in the firm?
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