Unsecured Loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 January 2010
Is there any restriction on a private limited company to take unsecured loan from a person other than director or shareholder?
18 January 2010
Deposits can be taken by a private limited company from director or shareholder. All other forms of unsecured loans e.g ICD can be taken from other persons.
Ankur Garg
(Expert)
19 January 2010
If you want to accept loan from others persons then the same would not be exempted from deposit rules, 1975.
You have to comply with the Deposit rules, 1975 before takeing unsecured loan from a person other than director or shareholder.
You have to comply with the Deposit rules, 1975 before takeing unsecured loan from a person other than director or shareholder.
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