Deposit by a pvt ltd co.
This query is : Resolved
06 September 2013
A company can not take loan from outsider except Member, Director & Director Relatives.
A Pvt Ltd take a loan from a Partnership Company in which Director of Company is a partner. Is this situation is contravention of section 43 of Company Act.
Its urgent & plse must reply fast.
Thanks in Advance
A Pvt Ltd take a loan from a Partnership Company in which Director of Company is a partner. Is this situation is contravention of section 43 of Company Act.
Its urgent & plse must reply fast.
Thanks in Advance
07 September 2013
Acceptance of deposit by a private company from a partnership firm:—
(a) If all partners of the firm are also the directors of a private company, such private company can accept unsecured loans/deposits from the firm. This case will be covered under rule 2(b)(ix) i.e. such a deposit is an exempted deposit.
(b) If all partners of a firm are not the directors of a private company i.e. some of them are the directors and remaining are the shareholders, still private company can accept deposit from the firm.
(c) If all partners of a firm are not the directors of a private company i.e. some of them are the directors, some of them are shareholders and remaining are relatives of a partners who is a shareholder. This case is not covered under rule 2(b)(ix).
(d) Where some partners are directors in a private company and remaining partners are not their relatives, private company cannot accept deposits from such firm.
A private company can take money and it will be not an default under section 43 if it comply the above provision.
Acceptance of deposit by a private company from a partnership firm:—
(a) If all partners of the firm are also the directors of a private company, such private company can accept unsecured loans/deposits from the firm. This case will be covered under rule 2(b)(ix) i.e. such a deposit is an exempted deposit.
(b) If all partners of a firm are not the directors of a private company i.e. some of them are the directors and remaining are the shareholders, still private company can accept deposit from the firm.
(c) If all partners of a firm are not the directors of a private company i.e. some of them are the directors, some of them are shareholders and remaining are relatives of a partners who is a shareholder. This case is not covered under rule 2(b)(ix).
(d) Where some partners are directors in a private company and remaining partners are not their relatives, private company cannot accept deposits from such firm.
A private company can take money and it will be not an default under section 43 if it comply the above provision.
10 September 2013
Thanks Sir,
I will be more thankful, if u can provide me the link for given solution.
I will be more thankful, if u can provide me the link for given solution.
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