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Unsecured Loan from Share holders

Dear Sir/Madam
Amounts received from shareholders of private limited company are Exempted under Exemption Notification Dated 05th June,2015 to Private Companies to a condition that such amount shall not exceed 100% of the paid up share capital and free reserves. Whether accumulated loss is to be considered as free reserves? and also is it required to deduct the accumulated loss amount (Debit balance in Reserves & Surplus) from the Paid up share capital while computing the exemption limit?

Bajaj Finserv

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