FORMALTIES FOR JOINING AS DIRECTOR IN PVT LTD COMPANY

harkirat singh (Querist) 06 August 2009 This query is : Resolved
Dear All
Iwould like to know the following
i) Documentation required to join as a business partner of 25% in a Pvt Ltd company and how become a director/chairman in this company.I already have a DIN number.
ii)Formalities &documentation to give loan to the above Pvt Ltd company

Thanks

Harkirat

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A V Vishal (Expert) 06 August 2009
Dear Singh

To become a director, you need the consent of the board of directors, who will file a form 32 nominating you as a director in the company, you can disclose your acceptance through a consent letter showing your willingness to join as the company's director. your 25% share in the company will be in the form of subscribed share capital of what ever the face of the share is.

The private company is authorised to raise loans only from directors/shareholders, it cannot accept loans from third parties except financial institutions viz.banks etc..., you need to give loan to the company through an account payee cheque and the company should in turn acknowledge the debt, rate of interest, tenure and terms are subject to the mutual agreement between the company and you.