Loan from minor in pvt. company

Request all to please advise

Hi,

in my view, the loan will be treated as deposits since the same has not been specifically excluded from the definition of deposits as given in Comapnies Acceptance of Deposits rules 2014.

Regards

Thanks Vandana, Can u please also advise, can't we take shelter under  exclusion mentioned in rule i.e "any non-interest bearing amount received or held in trust" if no interest is being paid to minor.

 

Hi,

Thank for the response.

But still fail to understand the meaning of ,any any non-interest bearing amount received or held in trust. Can you please quote some circumstances where company will be recieving such an  amount.

Thanks

 

Hi

Go through section 235 (4) for one such example.

Thanks Vandana.