Companies act, 2013
This query is : Resolved
Revati Sathe
(Querist)
28 November 2017
Whether a Private Limited Company can take unsecured loan from financial Institution and if yes which provisions are required to be complied with ?
CS Mitesh Mehta
(Expert)
28 November 2017
Yes. Section 179 (3) of the Companies Act, 2013
Revati Sathe
(Querist)
28 November 2017
Thank you very much. I got one advice that if unsecured loan is borrowed it will be treated as deposits, I am confused , pl. clarify whether is it deposits ?
CS Mitesh Mehta
(Expert)
29 November 2017
There is a difference between a loan and a deposit. A deposit includes a loan, but every loan may
not be a deposit. Amount received as loan or financial assistance or facility from banking company/Public Financial Institutions/ Regional Financial Institutions/ Insurance Companies / Scheduled Banks are
not deposits as per the Companies (Acceptance of Deposit) Rules 2014
not be a deposit. Amount received as loan or financial assistance or facility from banking company/Public Financial Institutions/ Regional Financial Institutions/ Insurance Companies / Scheduled Banks are
not deposits as per the Companies (Acceptance of Deposit) Rules 2014
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