Loan transaction
This query is : Resolved
19 October 2016
Can a private limited company take short term loan [ Unsecured Loan ] from a partnership firm ? Whether there is certain restriction on loan transaction under companies act 2013. The paid up capital of the company is just Rs 1,00,000/= Whether paid capital of the company is related with the said loan transaction ?
20 October 2016
No, taking loan from Partnership will be considered as Deposit.
21 October 2016
Thanks for your response. But Mr Pratik Shah. As per companies act what is the difference between loan and deposit. The concept is not clear to me. Will you please give me yr precious moments to make me understand the definition of loan and deposit as per company act. Actually I am handling the very first time finalization of some private limited company. Hope u will guide me.
21 October 2016
As far as I know, Companies Act does not have definition of "Loan". However, it has definition of "Deposit" in Deposit Rules. Please refer the same.
Basically, as per Companies Act, any amount received by a Company shall be treated as Deposit except otherwise mentioned in its definition specifically.
Basically, as per Companies Act, any amount received by a Company shall be treated as Deposit except otherwise mentioned in its definition specifically.
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