Can a private ltd. co. take unsecured loans from huf?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 October 2016
Can a private company take loans or unsecured loans or deposits from HUF whose karta is a shareholder of a co. If yes than what are the compliance procedures. Do we need to file any forms with the ROC for the same?
24 October 2016
Yes, A Private Limited Company can accept unsecured Loan or deposits from Director or relative of the Director subject to the condition that such declaration is given by such person that Loan is given out of the personal funds and not by borrowing from any bank or outsider.
Kindly refer the defination of relative as per section 2(77) of the companies Act 2013, which states means any one who is related to another if they are the members of a Hindu Undivided Family
Kindly refer the defination of relative as per section 2(77) of the companies Act 2013, which states means any one who is related to another if they are the members of a Hindu Undivided Family
24 October 2016
Thankyou sir.
But is there any compliance procedure for unsecured loan or deposits taken by Pvt. ltd co. from HUF. I mean do i need to fill the form DPT-3 that is for return of deposits and form GNL 2 for the same?
24 October 2016
No, there is no need to file form DPT 3, because as per notification dated 5th June 2015, Private Companies can accept loan from members upto 100% of paid up capital and free reserves. And the same point can be covered under section 180(1)(c) of the Companies Act 2013. The Company just need to pass Board Resolution at Board Meeting
25 October 2016
okay sir
But as per my knowledge Board Resolution is required to be passed only if the loan is more than 100% of paid up share capital and free reserves.
Do we need to show the deposit taken from HUF by private limited Co. in the Directors Report which is to be prepared as per section 134 of the companies Act, 2013
26 October 2016
Yes, if any deposit is taken during the Financial year , it needs to be mentioned in the Director Report prepared for that particular financial year
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
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
