No. Pvt Ltd companies are not allowed to take loans from outsiders i.e. who are not members of the company, which is again limited to 50 members.
Dr friends, please do not mislead people with wrong adv as given by siddharth,Avika, Sajid. A piece of advise: individuals dealing with company law related issues should speak to preferably a Professional Practising Company Secretrary or at least a chartered Accountant, who will be able to advise and suggest remedies than asking questions to individual who are not professiionals related to specific area. "Some of the opinions posted looks like a "Phd doctor treating a sick person instead of a medical doctor".
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28th December 2009 From India, Bangalore