can a pvt ltd company take loan from any individual
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 June 2010
Can a PVT LTD Co. Take Loan from Any Individual.
please inform as soon as possible
please inform as soon as possible
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
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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