CO A (PVT LTD) ACCEPTED DEPOSITES FROM ANOTHER CO [B] WITHOUT ANY ADVTS ETC [NOT AS PER SEC 58A(1) & (2)].....CO B HAD ALSO TAKEN LOAN FROM OTHER BANKS /FIS FROM WHICH IT IS PAYING CO A .........
THEREFORE AS PER ACCEPTANCE OF DEPOSIT RULES DEPOSIT NOT INCLUDE
INTER CORPORATE DEPOSITS [OMMTTED ]
ACCEPTANCE OF DEPOSIT FROM DIRECTOR OR RELATIVES OF DIRECTOR OR MEMBER PROVIDED DELARATION IN WRITING THT AMT GIVEN AS DEPOSIT IS NOT OUT OF THE LOAN BORROWED.
BUT IN MY CASE THIS COND IS VIOLATED ..
HOW CAN I FLOAT CO BY TAKING UNSECURED LOANS FROM DOR OR MEMBRS.
WHETHER THERE WIL BE VIOLATION IF SUCH AMT IS GIVEN O/T OF SECURED LOANS.
WHT 'S THE SOLUTION
CAclubindia
