Acceptance of unsecured loan
This query is : Resolved
Revati Sathe
(Querist)
09 May 2014
Is company is allowed to accept unsecured loan form members , friends under the companies act, 2013
CA. Amit G. Chandani
(Expert)
09 May 2014
No, same wall fall in definition of deposit. Only loan from directors is allowed. Directors in turn are required to declare that they have not borrowed such money from others.
Revati Sathe
(Querist)
09 May 2014
Thanks a lot for very prompt reply , but may I know what arrangement company should do for the money already received as unsecured loan
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