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Jayanta Bandyopadhyay   20 August 2024

Bank loan & promoters / borrowers ambiguity

Ours is an unlisted public limited company having 6 promoters cum shareholders and 3 directors ( all are members of a family).

Now we are taking a loan from the Bank and the Deed of Undertaking mentions " Promoters are interested in Borrower's business.....& until final settlement , amount recovered by Promoters from Borrowers, be held by Promoter in trust for Lender.
 
My queries :-
1. Promoters are also borrowers (Company) and by virtue of 100% holding, are quite synonyms with Company.
 
2. MCA Portal recognises Directors- there is no mention of Promoters.
 
Would it pose any legal issue in the distant future?
Please guide.


Learning

 2 Replies

T. Kalaiselvan, Advocate (Advocate)     20 August 2024

The articles of association or memorandum of association will provide you the particular clauses in this regard which may be a guideline too.

Additionally, you can discuss with a consultant on all such further issues.


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