Permission under section 58A

Page no : 2

Mahesh Kumar (Director) (22 Points)
Replied 10 May 2012

Dear All,

Can anyone clarify below query...

I am going to take 16 Cr loan from Private finance party who is approved from RBI. Loan is against immovable property which market cost is around 32 Cr. financer is neither director of the company nor relative of any of the director. So my financier ask me take clearance U/S 58A.

I would like to know weather this type of transaction comes under 58A or not? if yes then from where I can get this permission bcz ROC unable to clarify the same.

If there is any other details which help me plz furnish the same.

I am very thankful for the same.

Thanks & Regards

Mahesh Kumar

CA.Vivek Chevli (Chartered Accountant) (59 Points)
Replied 23 August 2012

My company is a Public Ltd company can anyone tell me that unsecured loans accepted by other party fall U/s 58A or not.? If taken Wt r consequence of that?