Maximum loan from members
This query is : Resolved
11 July 2015
As per Notification no.G.S.R.464(E) dated 05/06/2015, clauses (a) to (e) of subsection (2) of section 73 shall not apply to a Private Company which accepts from its Members monies not exceeding 100% of aggregate of the paid up share capital and free reserves.
As per sub-rule 3 of Rule 3 of Companies (Acceptance of Deposits) Rules, no Company referred to in sec 73(2) shall accept or renew any deposit from its Members, if the amount of such deposits together with the deposits outstanding as on date of acceptance of such deposits exceeds 25% of aggregate of paid-up share capital and free reserves of the company.
So what is the maximum amount of deposits that can be accepted by a Pvt.Ltd.Company from its Members? Is it 25% or 100% of paid-up capital & free reserves?
As per sub-rule 3 of Rule 3 of Companies (Acceptance of Deposits) Rules, no Company referred to in sec 73(2) shall accept or renew any deposit from its Members, if the amount of such deposits together with the deposits outstanding as on date of acceptance of such deposits exceeds 25% of aggregate of paid-up share capital and free reserves of the company.
So what is the maximum amount of deposits that can be accepted by a Pvt.Ltd.Company from its Members? Is it 25% or 100% of paid-up capital & free reserves?
11 July 2015
I will go with the rules.
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