as per new company act , the company can take loan from co op bank, which is exempted from defition of deposit. but what about loan from credit co operative society. this is specifically not covered under the definitions of exemptions from deposit.
please reply
Yes, loan from credit cooperative society will be treated as a deposit and provisions of Sec.73 of Companies Act 2013 relating to deposit will apply.
BHUPINDER SHAH AND COMPANY
New Delhi
CA Inter
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