banner_ad

Section 58 A of companies Act

This query is : Open 
Profile Image

Profile Image

(Querist)
23 January 2010 Company has been converted from Private limited company to public limited company.

We have certain unsecured loans in private limited company from third parties (parties not related to director or shareholders).

Now what are the implication under section 58 A of companies Act.

Whether any sort of advertisement required or we have to pay back these loana
Profile Image

CA Vijay Kumar Gupta

Profile Image

CA Vijay Kumar Gupta (Expert)
28 January 2010 in my opinion, even private ltd. company is not entitled to accept deposits from the third parties . refer sec.3(1)(iii) (d) of The companies act,1956. The defination of Deposit includes any receipt of money by way of deposit or loan.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details
Company
08 May 2026
CHARTERED ACCOUNTANT

SHAH LADHA AND ASSOCIATE

Ahmedabad

CA

View Details
Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
ARTICLESHIP 05 May 2026
ARTICLED ASSISTANT

JS ADVISORS

New Delhi

CA Inter

View Details