Money received form third party

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 October 2017 Hi sir, I have confusion on following matter please suggest-

As per exemption notification on 5th June, 2015 section 180 is not applicable to the private company. means as per 180(1)(c) private company may obtain borrowing without passing special resolution and no limits is applicable as given under this section.

Section 73(1) and (2) says, no company shall invite, accept or renew deposits under this Act from the public except in a manner provided under this Chapter. and company may accept deposits form its members on terms and conditions as given under section and rules.

So, Amount received form third party(individual), is this treaded as deposits or loans from him and which section is applicable to this transaction (the word PUBLIC includes outsider individual other than shareholders)

CS JAY GOHIL

CS JAY GOHIL (Expert)

14 October 2017 ANY AMOUNT RECEIVED BY COMPANY EXCEPT FORM BANK, SECURED LOANS, OR FROM DIRECTORS as in form of loan or borrowing is to be treated as deposit under section 73 of companies act 2013

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