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Restrictions on acceptance of deposits by private ltd compan

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Sonu Agarwal (Querist)
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29 May 2014 Can a Private limited co. accept deposits and unsecured loan from Another Private Co. and Partnership firms. If yes, then is there any formalities and regulations to be fulfill.

Kaushal Jha

Kaushal Jha (Expert)
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29 May 2014 A private company can take unsecured loan from another private company as it is not considered as deposit under new Act. Kindly see the definition of deposit in Rules. There it is in the exempted category. You only have to make sure that section 185 is not violated.

Regarding partnership firm, you can not take loan even in the form of deposit. It can take deposit only from its members. For details go through the provisions of Companies Deposits Rule. You can also see my notes on the same uploaded.

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