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Acceptance of unsecured loan

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(Querist)
09 May 2014 Is company is allowed to accept unsecured loan form members , friends under the companies act, 2013
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CA. Amit G. Chandani

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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.
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Revati Sathe

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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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