Unsecuers loan by a pvt ltd co.
This query is : Resolved
06 January 2012
Can a Pvt Ltd Co take unsecured loan from any individual who is not a shareholder in that Co.?
06 January 2012
As per Section 3(1) (iii) (d) a Private Company is prohibited to accept any invitation or acceptance of deposits from the persons other than its members, directors or their relatives. Therefore a private company can accept deposits through private arrangement from its members, directors and their relatives.
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