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Compsnies Act

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Abhishek Selvam O

374 Points Posted on 18 April 2020

Is section 73-76 of companies act 2013'applicable if loan is borrowed by companies as it mentions "Acceptance of deposits".

Replies (3)

Quick Summary

This discussion clarifies the applicability of Sections 73-76 of the Companies Act 2013 concerning the acceptance of deposits, including loans. While these sections generally apply to companies borrowing money, they exclude specific entities like banking companies, NBFCs, and others designated by the government or RBI. The definition of a deposit under Section 2(31) is broad, but certain categories, such as loans from other companies, may be excluded under Rule 2(c)(vi).

Vaanie Dangi

unemployed

62 Points Posted on 19 April 2020

Yes, it apply only to
banking co
NBC
other companies specified by cg or rbi

Harish choursiya

Student cs professional

249 Points Posted on 19 April 2020

As per definition of Deposit as defined under section 2(31) which includes any receipt of money by way of deposit or loan or in any other form by a company, but does not include such categories of amount as mention in rule 2 sub rule 3

In your query loan taken by company from other company seems to be excluded from the ambit of deposit under rule 2(c)(vi).

Hope so this serve your purpose.

Vaanie Dangi

unemployed

62 Points Posted on 19 April 2020

I want to clear it, that yes sec 73-76 of companies act applicable if loan borrowed by companies as mention acceptance of deposit. But this act excludes banking co., nbfc,other specified companies.