A LTD WANTS TO BORROW 50 LAKH FROM NBFC....PLEASE TELL PROVISIONS UNDER 58A UNDER THIS......WHAT NEEDS TO BE DONE BY A LTD PLEASE REPLY ASAP... ITS VRY URGENT !!!
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 27 September 2012
the provision of section 58A are applicable only for Acceptance of Deposits from Public. If any borrowings are requried to be made the provision relating to section 372A Inter-Corporate loans is required to be complied with and not the provison of section 58A.
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