Borrowings by the public company
Querist : Anonymous
Whether the unlisted public limited company borrow unsecured loans from private limited companies.Some of these may be related parties while few other unrelated.
Does it attracts non compliance under section 58A? In case yes how to rectify this default.
Thanks in advance,
As per Rule 2(b)(iv) of the Companies (Acceptance of Deposits) Rules, 1975, Loans received from another company is not treated as deposit it will be treated inter company loan.
Querist : Anonymous
Does it suggests that there should be observance of Section 372A rather than 58A.
Please guide..
Thanks..
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