Deposit
This query is : Open
13 February 2012
Respected Experts ,
Whether a Pvt.Ltd Company can accept loans from any outsider.
and if it is aviolation then what will be its consequences.
Whether a Pvt.Ltd Company can accept loans from any outsider.
and if it is aviolation then what will be its consequences.
14 February 2012
Yes Private company can take a loan from outsider.
14 February 2012
Sec. 3(1)(III) or Sec 2 does not define the term Deposit. Sec. Sec. 3(1)(III) provides that the restriction of a Pvt. Co. to accept deposit from Public. Companies Acceptance of Deposit Rules defines Deposit as deposit of money and includes any amt. borrowed by a company but does not include the exempted categories as provided in the Rules.
Therefore, the Pvt. Ltd. Company can obtain loan from any of the exempted category.
Thanks,
CS Siddhartha Banik
Therefore, the Pvt. Ltd. Company can obtain loan from any of the exempted category.
Thanks,
CS Siddhartha Banik
16 February 2012
Hi Siddhartha,
But if a Pvt.Ltd company takes loan from a HUF which is not related in any way to the company whether it comes into exempted category ?
Whether it is a violation U/s 3(1)(iii)(d)
But if a Pvt.Ltd company takes loan from a HUF which is not related in any way to the company whether it comes into exempted category ?
Whether it is a violation U/s 3(1)(iii)(d)
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