corporate-deposits u/s 58a of com. act
This query is : Resolved
JUGALKISHOR
(Querist)
29 December 2009
whether it is possible to accept unsecured loans from a partnership firm(all partners of firm are member of co.) by private limited company, if yes than specify me any case law,notification,explanation.
Ankur Garg
(Expert)
29 December 2009
No a private company can not accept unsecured loan from a firm as the same would be treated as public deposit.
However unsecured loan from members and directors of a private company is exempt from the definition of public deposit.
However unsecured loan from members and directors of a private company is exempt from the definition of public deposit.
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