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
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)
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