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Public deposit

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 August 2011 If a pvt. company converts into a Public co. and then accept Public Deposit as per 58A, what will be status of existing unsecured loans from directors and Directors relativs? Is unsecured loan existing above will addition from limit of 58A or will include in the limit of 25% of paid up capital and Free Reserves?
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CS Bijoy

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CS Bijoy (Expert)
19 August 2011 Existing situation will continue, but in section 58A Directors and Officer also liable for public deposit.
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