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.
