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In the matter of unsecured loans

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(Querist)
02 February 2010 Can a Company obtain Unsecured loans from outsiders (i.e. other than shareholders, directors or their relatives)? Is there any difference between a Private Limited and a Public Limited Company, as far as above question is concerned?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
02 February 2010 A private limited company cannot take loan from persons other than corporates or shareholders, directors & their relatives. If loan taken from others then it would be in violation of Section 58A.

A public limited company cannot take loan from persons other than from directors.

If a pulic limited company needs to take loan then it will have give a advertisement in newspaper for acceptance of deposits and also carry out a credit rating.
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