can private company take loan from shareholders and what will be the time period for repayment of such loans?
Any consequences to be kept in mind while such transactions?
Please suggest. Thanks in advance.
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Private company loan from shareholder
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Private Company is exempted from deposit regulations if it's taken loan or accepts deposit from shareholders not exceeding 100% of its Net Worth ,as per rule 2(1)(c)..But filing of DPT 3 is required by 30/06 of the succeeding year...if loan/deposit overshoot 100% of Net Worth then deposit provision will be applicable and only on the basis of eligibility criteria a company can accept and further compliance of section 73-76 and relevant rules made thereunder.
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