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Acceptance of deposit by private limited company

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(Querist)
11 February 2015 Can a Private Limited company accept deposit/loan from its directors or shareholder. What restrictions are imposed on such acceptance of loans and deposits
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c.bakshi

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c.bakshi (Expert)
12 February 2015 the company can accept deposits as a loan from its directors only and not from its shareholders. the deposit amt recd from its members, shareholders or relative of director is covered under the definition of deposits you may go through to the provisions of section 73 to 76 of the new act
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