Acceptance of the Unsecured Loans by a PVT LTD Co.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 February 2010
hi
can any one let me know whether a Private Limited Company can accept the Unsecured Loans from the Relatives and the Directors
can any one let me know whether a Private Limited Company can accept the Unsecured Loans from the Relatives and the Directors
Ankur Garg
(Expert)
17 February 2010
YES.
Please go ahead. The same transaction is allowed in company law and the same would not be treated as a public deposit under deposit rules, 1975.
Regards
Please go ahead. The same transaction is allowed in company law and the same would not be treated as a public deposit under deposit rules, 1975.
Regards
17 February 2010
Yes, loans can be obtained from Directors and their relatives.
Morever, such deposit is exempt as per the Companies (Acceptance of Deposits) Rules, 1975, subject to the compliance given in Proviso to clause 2(b)(ix)
Morever, such deposit is exempt as per the Companies (Acceptance of Deposits) Rules, 1975, subject to the compliance given in Proviso to clause 2(b)(ix)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- GSTR-9C filing
- GST ITC as per notification 12/2023- central tax
- Urd purchase entry in tally prime
- IMS (import of goods) ITC related
- Applicability of tax on invoice
- Form 144 TDS Return Validation Error – Mandatory Fields
- Capital gains in IT returns
- TDS- 2026-27 Q1 Correction
- LLP audit and disclosure
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
