Unsecured Laon from Pomoters

Does unsecured Loan taken by Public Listed Co. from its Promoters will be included in Sec 58A (Depoits) of Company Act.

& if a co. had already taken unsxecured loan, whether it has defaulted as per co. law ?

its impact & consequenses

 

Thanks in Advance

Replies (1)

No.

 

The unsecured Loan taken by Public Listed Co. from its Promoters not to be included in Sec 58A (Deposit) of Company Act by virtue of clause 2(b)(xi) of the Companies (Acceptance of Deposits) Rules, 1975.

 

Please find below the relevant extracts of clause 2(b)(xi) of the Companies (Acceptance of Deposits) Rules, 1975. :

 

 

(xi) any amount brought in by the promoters by way of unsecured loans in pursuance of stipulations of financial institutions subject to the fulfillment of the following conditions, namely:—

(a) the loans are brought in pursuance of the stipulation imposed by the financial institutions in fulfillment of the obligation of the promoters to contribute such finance;

 (b) the loans are provided by the promoters themselves and/or by their relatives, and not from their friends and business associates; and

(c) the exemption under this sub-clause shall be available only till the loans of financial institutions are repaid and not thereafter.

 

Regards

 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 07 October 2026
Article assistant

S.K.Bajpai & Co.

Noida

B.Com

View Details
Company
08 October 2026
Accounts and Tax Associate

POOJA R TELI & CO

Pune

CA Inter

View Details
Company
30 September 2026
Senior Accountant

Codeboard Technology

Chennai

B.Com

View Details
Company
ARTICLESHIP 18 September 2026
Industrial Trainee

Twenty Point Nine Five Ventures Private Limited

Noida

CA Inter

View Details
Company
08 October 2026
SALES TELECALLER

HIRE NOVA

Lucknow

Graduate (Any)

View Details
Company
19 September 2026
Finance Manager

Mugdha Art Studio

Hyderabad

CA

View Details
Company
14 October 2026
GST & TDS ASSISTANT

AGGARWAL SANJAY & ASSOCIATES

New Delhi

B.Com

View Details
Company
ARTICLESHIP 28 September 2026
Junior Accountant

J S P M & Associates LLP

Pune

B.Com

View Details