14 May 2014
No. Proviso 1 of Sub Section 1 of section 73 of the Companies Act 2013 excludes a banking company and nonbanking financial company as defined in the Reserve Bank of India Act, 1934 from the applicability of Chapter V of the Companies Act 2013. Further, Sub rule 3 of Rule 1 of the Companies (Acceptance of Deposits) Rules, 2014 deals with Short title, commencement and application also excludes the nonbanking financial company from applicability of new deposit rules.
14 May 2014
Respected Sir, Thanks you for giving clear advise, Please answer this query also: AN NBFC takes inter corporate loan from a private limited/limited concern say company no. 1 @12% p.a. and gives it to another private limited/limited say company no. 2 @ 15.30 p.a. Suppose company no. 2 is associate/subsidiary/holding company of No. 1 company or any director of company No.1 is interested in company no. 2 or vice versa. Now query no. 1. is there any violation of rules according to companies act 2013 in giving loan to company no 2 by NBFC by taking loan from company no. 1 ? Now query no. 2 is there any violation of rules according to companies act 2013 if NBFC takes guarantee also from company No. 1 for giving loan to company no. 2? Thanks in advance,
CAclubindia
