Dear All,
We (LLP) are into agriculture and aquaculture. We take investment from friends of partners and use those funds mostly for paying off office exp and repayment of unsecured loan taken earlier.
Do we fall under Unregulated Deposit Scheme?
Rohan Mainkar (Manager) (60 Points)
18 March 2019Dear All,
We (LLP) are into agriculture and aquaculture. We take investment from friends of partners and use those funds mostly for paying off office exp and repayment of unsecured loan taken earlier.
Do we fall under Unregulated Deposit Scheme?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160886 Points)
Replied 18 March 2019
Friends are not covered under Relatives, but even then you are not in financial business and as such will not be covered under the act. But still clarification about the same is awaited from authority.
CAclubindia
