Loan from relative
This query is : Resolved
CA Sandhya S
(Querist)
26 November 2009
Hi can a company accept a loan - Unsecured - from a relative?
If yes, which section or notification permits this?
If yes, which section or notification permits this?
CA. B.SRINIVASULU
(Expert)
26 November 2009
A private limited company can accept loan from the relative of a director. Section 58A of the companies act empowers for the same.
Whereas a Public company cannot accept the same, the same section 58A will not allow to accept the public deposits.
Whereas a Public company cannot accept the same, the same section 58A will not allow to accept the public deposits.
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