There seems to be difference in terms used in the act. ''Deposit'' as defined under section 58A need not be the same as used in section 3(1)(iii)(d), vice versa. Explanation given under section 58A for deposits start with '' deposit for the purposes of this section means........'', therfore the term deposit as defined may be used only for purposes of section 58A. Whereas the term deposit includes all kinds of borrowings as defined u/s 58A, for purposes of section 3(1)(iii), deposit may need not include all other kinds of borrowings, i.e, loan, etc. As there a clear distinction betweem loan and deposit. (loan is repayable on demand, deposit is generally for a specified period, decided in few cases)
therefore can it be argued that term deposit u/s 3(1)(iii) need not include loans and hence private company can take loans from NRI in above case??
(Source for above points: V S Datey, Corporate Laws)
Jayshree ma'm please correct me if m wrong, i have no updates of case laws in this topic.