Dear Sir

Any deposit/unsecured loan received  by public Limited Company (including closly held Public Limited Company) is exempted u/s. 58A and Companies (Acceptance of Deposits) Rules, 1975. ?

I have comfusion. I attached herewith Notification and  and provisions As per Rule 2 (b) (ix) of Acceptance of Deposit Rules, 1975 in this regard can you guide me ?

Regards

Vasant Patel

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Can a private limited Company accept unsecured loan from partnership firm where directors are the partners in the firm.?

can you please give me the  draft of DECLARATION to be filed by the Directors

Dear Sir,

Will the provisions of deemed dividend be attracted if one pvt. ltd. co. gives loan to another related (common shareholders) pvt. ltd. co. and the interest has been charged as per the prevailing market rates.

Can a privated limited compant accept unsecured loan from another company.. will it be considered as Public deposits

Can a private limited company pay interest on unsecured loan (from relatives) in cash?

PLEASE REPLY AS SOON AS POSSIBLE...

Good mrng everybody.

         I would like to know whether a public company which is listed can accept loans from director's relatives   ??? If yes what are the section in The Companies Act which deals with it.?? 

I am trying to give my reply to various queries raised:

1.  Neeraj -  Public co. can take loan from its directors since it is not 'deposit' as per Rule 2(b)(ix).  However, HUF is a relative  u/s 2(77) of Cos Act 2013 and as per the said Rule only a private co. can take loan from relative of directors, and not a public co.

2.  Mr Hemdev - Draft of declaration:  "I, Mr ______, director of _____ Ltd hereby declare that I am giving loan of Rs._____ to the company and the said amount is not being given out of funds acquired by him by borrowing or accepting from others."

3.  Hema - Deemed dividend will be applicable if the case is covered u/s 2(22)(e) of IT Act even if interest is charged at market rates.

4.  Mr Bhat - ICD is not deposit [Ref. Rule 2(b)(iv)]

5.  Nisha - Yes interest can be paid in cash if not covered under specified limits under IT Act.

6.  Naga - As clarified under (1) above, loan taken by public company from relatives of directors will be treated as 'public deposits'.

Dear Sir,

Please  give the clarification regarding acceptance of unsecured loans or short term loans by a public limited company during financial year 2013-14.

Regards

V.Ramaiah

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