Respected All,
Do Private Limited Company accept loan from other than NBFC/Share Holders/Bankers or can accept from individuals ?
Septmber-13 is going on comments awaited..at the earliest.
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Loans received from other than share holders
Replies (2)
Dear Ashok, any company for that matter can take loan from any legitimate source. However, the said should have been permitted by the articles of the company and properly auhorised by board resolutions.
As per acceptance of public deposit rules notified under section 58 A of the companies act. A Private Limited Company can accept loan from shareholders , directors and their relatives only. If they accept deposit from a individual other than above it will be deemed as deposit from public and compliance of provision of sec 58A have to be done.
Loan can be taken from other private company as well.
CA Sanjay Singhal
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