Nri director
NITIN DHAVAN
(Querist) 18 February 2015
This query is : Open
Sub : Queries regarding acceptance of loan from NRI Director That one of my client M/s. ABC Fabrics Pvt Ltd is engaged in the business of manufacturing of Grey Cloth at Bhiwandi. Its one of the Director is Non Resident Indian (NRI). The company is in need of fund to the extent of Rs.60.00 Lacs. 1)Whether NRI Director can lend money to the company from his NRE A/c. 2)Whether NRI Director can subsequently credit the refund of loan to his NRE A/c. in order to repatriate the said amount if necessary. Kindly give your legal opinion at the earliest so that we can take decision in this matter by Friday 20th February, 2015.
