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Can a private ltd. co. take unsecured loans from huf?

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23 October 2016 Can a private company take loans or unsecured loans or deposits from HUF whose karta is a shareholder of a co. If yes than what are the compliance procedures. Do we need to file any forms with the ROC for the same?

24 October 2016 Yes, A Private Limited Company can accept unsecured Loan or deposits from Director or relative of the Director subject to the condition that such declaration is given by such person that Loan is given out of the personal funds and not by borrowing from any bank or outsider.
Kindly refer the defination of relative as per section 2(77) of the companies Act 2013, which states means any one who is related to another if they are the members of a Hindu Undivided Family

24 October 2016 Thankyou sir. But is there any compliance procedure for unsecured loan or deposits taken by Pvt. ltd co. from HUF. I mean do i need to fill the form DPT-3 that is for return of deposits and form GNL 2 for the same?




24 October 2016 No, there is no need to file form DPT 3, because as per notification dated 5th June 2015, Private Companies can accept loan from members upto 100% of paid up capital and free reserves. And the same point can be covered under section 180(1)(c) of the Companies Act 2013. The Company just need to pass Board Resolution at Board Meeting

25 October 2016 okay sir But as per my knowledge Board Resolution is required to be passed only if the loan is more than 100% of paid up share capital and free reserves. Do we need to show the deposit taken from HUF by private limited Co. in the Directors Report which is to be prepared as per section 134 of the companies Act, 2013

26 October 2016 Yes, if any deposit is taken during the Financial year , it needs to be mentioned in the Director Report prepared for that particular financial year



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