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can a pvt ltd company take loan from any individual

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 June 2010 Can a PVT LTD Co. Take Loan from Any Individual.
please inform as soon as possible
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Ankur Garg

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Ankur Garg (Expert)
09 June 2010 Hi,

A private company take loan from its directors and shareholders etc and the is exempt from deposit provisions and rules.

But if a private company take loan from any other individual then such transaction would be considered as public deposit and also a violation of section 3(1)(iii) which prohibits a private co. to take public deposit.

Regards
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