Section 58a

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viren2210@gmail.com (Querist)
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24 August 2011 One of my client, a private limited co had approached a proprietary firm for loan against property.Can the company has other option to raise the fund without filing section 58A or whether they can raise fund by just filing the papers of scetion 58A but without waiting for the approval from ROC....

or there is any wayout.

Please help me...

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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24 August 2011 Loan from Shareholders and directors are not covered u/s 58A. So make him a shareholder by allotting even 1 share

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viren2210@gmail.com

viren2210@gmail.com (Querist)
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24 August 2011 Thanks Mr. Agarwal
We had already take up all opinion on the same
The option would not be useful in this case as the quantum of the loan is huge enough which the lender cannot provide in his or her capacity as individual.
Apartly that would be a unsecured loan but we are executing a mortatage loan.

Can u tell me how long would it take for the application and approval under section 58A.

Please help

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