Companies Act
This query is : Resolved
24 August 2010
Can a private company take loans in cash from outsiders and as well from directors.
Jagruti (CS)
(Expert)
24 August 2010
Pvt Company can take loan only from Directors, relatives & members including other Company.
Other than above it will be treated as Deposit from Public as per Section 58A
Other than above it will be treated as Deposit from Public as per Section 58A
Aditya Maheshwari
(Expert)
24 August 2010
And in any case cash loan taken above Rs. 20,000/- will be in violation of Section 269SS & 269T of the Income Tax act. So cannot be taken otherwise also.
Ankur Garg
(Expert)
25 August 2010
Agree with Jagruti...
A private co. is prohibited to accept deposit from public as per section 3(1)(iii). In case of Violation of this section private co. shall be treated as a public co. by the roc.
Regards
A private co. is prohibited to accept deposit from public as per section 3(1)(iii). In case of Violation of this section private co. shall be treated as a public co. by the roc.
Regards
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
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- Import Order Cancelled.
- TDS on Dashcam rent and allied services
- GSTR-9C filing
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
