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Unsecured loan from directors & relatives

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(Querist)
17 April 2012 whether Late Father's HUF & 2 Major Son's HUF
can be considered as Director's relative so far unsecured loans from Directors & their relatives are concerned in case of closely held private Limited company. further any restrictions from the acceptance of unsecured loans from such HUF's in case of Pvt.Ltd Co.from the Companies Act point of view.
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CA Prashant Gupta

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CA Prashant Gupta (Expert)
17 April 2012 HUF does not comes under the defination of relative for the purpose of acceptance of Unsecured loan U/s 58A.

A closely held company will accept UL from directors or there relatives or shareholders. acceptance of deposit from others will make the company as deemed public company and all provision of acceptance of public deposit are applicable.

Advisable to make HUF's the share holders of company by allotting nominal shares.
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