Sec 58 a
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 October 2013
is there any specified limit of taking loan under section 58A?
Ankur Garg
(Expert)
23 October 2013
Dear Sir,
I believe you are talking about section 58A of the companies act 1956 which is related to deposits. This section is not connected to loan.
Kindly refer Companies (Acceptance of Deposit) Rules, 1975.
Regards
I believe you are talking about section 58A of the companies act 1956 which is related to deposits. This section is not connected to loan.
Kindly refer Companies (Acceptance of Deposit) Rules, 1975.
Regards
Ajay Mishra
(Expert)
23 October 2013
Limit of amount for acceptance of deposits
As per rule 3(2) a company may accept deposits from the public upto the following limits subject to fulfillment of the conditions of the Companies (Acceptance of Deposit) Rules, 1975:—
(a) upto 10% of its paid-up capital and free reserves from its shareholders (other than a shareholder in a private company). These deposits may also include any deposit from any person guaranteed by a director of the company or against unsecured debenture issued by a company;
(b) upto 25% of the paid-up capital and free reserves of the company from public.
Limit of amount for acceptance of deposits
As per rule 3(2) a company may accept deposits from the public upto the following limits subject to fulfillment of the conditions of the Companies (Acceptance of Deposit) Rules, 1975:—
(a) upto 10% of its paid-up capital and free reserves from its shareholders (other than a shareholder in a private company). These deposits may also include any deposit from any person guaranteed by a director of the company or against unsecured debenture issued by a company;
(b) upto 25% of the paid-up capital and free reserves of the company from public.
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