Priya Mahendra Singh (Management Trainee) (29 Points)
21 April 2015Can a private company receive unsecured loan from its promoter company, which is a foreign company ?
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 22 April 2015
Yes, amount received from a foreign body corporate etc. is not a deposit [Ref. Rule 2(1)(c)(ii) of Companies (Acceptance of Deposits) Rules 2014.]. But this is subject to compliance of other provisions like Sections 179, 180 etc.
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