23 December 2013
Please Tell me in the light of provisions of New Companies Act 2013. Can a private company accept any unsecured loan from its members and/or directors? Whether the same comes under the ambit of Deposits as per clause 73-76 of New Companies Act 2013. Reason of the Doubts. Section 58A of companies Act 1956 specifically provides to not to include loan from directors and members. But as per me nothing contained in the current regime having clause 73-76 exclude the same. Definition of deposits in the current regime includes loans in deposit.