Dear Member
Please guide me on the following situation:
A person borrow money by way of “Loan against property” (LAP) from a bank and full amount of the loan has been given to a NBFC company as unsecured loan in which he is director/member.
Whether the unsecured loan accepted by the NBFC company will be treated as deposit as per Companies (Acceptance of Public) Deposits Rules, 1975?
Thanks
Manoj
i dont think so bcz amt has been given to the NBFC by borrowing from other sources....OTHERS VIEW SOLICITED
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