Existing loans from shareholders to be refunded - important

In this scenario, Private Companies cant take loan from anyone except for its Directors ?? How will pvt companies work then widout funds. 

Our new Act is treating private companies at par with big MNCs ignoring ground realities and Indian conditions in which they are operating.  Private companies are going to get so many shocks under the Act since several exemptions hitherto enjoyed by such companies have been withdrawn.

As per Sec.74(3) [which by grace of God has not yet been notified] penalty for non-compliance of the Section can go upto Rs.10 crores and officer who is in default can be punished with imprisonment which may extend to 7 years or with fine which will  not be less than Rs.25 lacs but  can go upto Rs.2 crores or both!

Sir, as per my understanding public company can take unsecured loans from other corporates (in compliance with sec - 180 and Sec - 185 of Cos Act 13. and pvt company cant take unsecured loan from any other company. Pls rectify me if I am wrong. Your guidance mean a lot me.

Respected Sirs,

Companies Act 2013 prohibits companies from taking loans from  shareholders in normal course. ....This is applicable to all  companies - wither private or public. Whether this is also applicable to private non banking finance company? Please guide.

 

Hi Sneha,

even private companies can take unseured loans from other unrelated corporates i.e.after complying with sec - 180 and Sec - 185 of Cos Act 13.....

HI Anonymous,

As per my understanding, NBFCs registered with RBI are specifically exempted from Desposits rules....they however will have to comply with section 180 of the Companies Act 2013

Any amount received by a company  from any other company is not a deposit [Rule 2(1)(c)(vi)].

Respected Sirs,

Thanks a lot for attending my query, in another words, it can be said that section 73(2) is not applicable to private non banking finance company taking loan from its shareholders.

Is there any limit  u/s 180. (1) © upto which extent permission can be given by special resolution?
Your guide a lot for me.

Thank you Agarwal sir and vandana..

Dear All

Please let me know if loan taken from directors who are also shareholders and relative of directors in an unlisted public co. also have to be   refunded within one year.

Thanks

Can any Company provides loan to other PUBLIC company in which Directors are common as per section 185 of CA, 2013?

Can any Company provides loan to other PRIVATE company in which Directors are common as per section 185 of CA, 2013?