unsecured loan
This query is : Resolved
rinku gupta
(Querist)
20 January 2009
can a private limited company accept unsecured loan from its employee. If no quote the section of the companies act prohibiting the same .If yes, than what is the procedure?
CA. B.SRINIVASULU
(Expert)
25 January 2009
A private ltd company can accept loan only from the share hodlers or banking companies or non banking finance companies.
If they accept from other than above it becomes a deposit violating sec 58A of companies act ie acceptance of deposits.
Explanation to section 58A states that loan also will be treated as deposit for the limited purpose of complying with this section of companies act
If they accept from other than above it becomes a deposit violating sec 58A of companies act ie acceptance of deposits.
Explanation to section 58A states that loan also will be treated as deposit for the limited purpose of complying with this section of companies act
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