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Promoters contribution not deposits company act 2013

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(Querist)
18 April 2014 2) Whether a company can take loan from a person other than promoters at the time of initiation of new project?
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The Company Law Desk

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The Company Law Desk (Querist)
18 April 2014 No
Deposits have been defined as any receipt of money. Thus the Company will have to comply with the provisions of deposits on amount taken from person other than promoters at the time of initiation of new projects.
However, the situation changes when Unsecured Loans are taken from Promoters as the same have been exempted from deposits as per Rule 2 c (xiii).
It states that any amount brought in by the promoters of the company by way of unsecured loans in pursuance of stipulation of any loan agreement (of lending financial institution or bank) and the loan is brought in by promoters or relatives or both, the same will be exempt from deposits till the loan of bank is repaid.

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The Company Law Desk
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
19 April 2014 please share information on forum and through articles. this is query portal.
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