Companies act, 2013

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Revati Sathe (Querist)
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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

CS Mitesh Mehta (Expert)
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28 November 2017 Yes. Section 179 (3) of the Companies Act, 2013

Revati Sathe

Revati Sathe (Querist)
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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

CS Mitesh Mehta (Expert)
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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

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