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Unsecured loan received from promotors of Ltd. Company

(Querist) 10 July 2010 This query is : Resolved 
Hello friends,
Pls let me know whether there is any bar/limit on unsecured loan to be received from the promoters by a Ltd Co.(not pvt. ltd.). The promoters are partner in a firm and want to withdraw capital to give the loan to the newly incorporated Ltd. Co.
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A V Vishal (Expert) 10 July 2010
Unsecured Loans from shareholders/directors are not barred and do not attract 58A/58AA of the companies act.

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