Wether a private company can take loan from freinds and relatives? If repaid properly whether and contravetion on section 58 in this case.
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Deposits from freinds and relatives
Replies (1)
Dear Sonal,
Under section 3(1)(iii)(d) Private company can accept deposiit only from its members, directors or their relatives.
However, under Acceptance of Deposit Rules, 1975, Deposit accepted by a Private Company as above is EXEMPTED DEPOSIT.
Therefore, it would treated as unsecured loans.
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