Deposits
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 April 2014
Can a Private Limited Company Accepts unsecured deposits/loans from the outside individuals?
SHAKTI JINDAL
(Expert)
09 April 2014
Section 76 dealing with acceptance of deposits from public by certain companies covers only public companies having such net worth or turnover as may be prescribed. This indicates that private companies cannot accept deposits from outside individuals.
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