unsecured loan by pvt ltd

As per the provisions of the Companies Act , a private Company cannot accept any deposit from the individual or partnership firm as its is abondoned as per the defination of private Company.

A private Company can accept the deposits from the members upto 100% of the paid up share capital, free reserves and securities premium  and can accept any amount from Directors or relatives of Directors provided that director or relative of such Director shall submit declaration that the fund is borrowed  out of its own fund and not borrowing from outsider or banks or financial institution.

If private Company fails to comply with the these provisions, then private company will be covered under the deposits and will have to follow the provisions of deposits

In General , the private limited Company cannot accept the amount from outsiders. But if any advance is taken in form of deposit, then Company has to comply with the provision of deposits from section 73 to section 76.

But if Company fails to comply with the provisions of section 73 to section 76, then there is violation and as per Section 76 A , THEN IS PENALITY ON COMPANY WHICH MAY EXTEND TO 1 CRORE TO 10 CRORE AND FOR OFFICER OF THE COMPANY 25 LAKH TO 2 CRORE AND IF ANY OFFICER KNOWINGLY COMMITS THE OFFENCE OF FRAUD, THEN HE SHALL BE LIABLE UNDER SECTION 447 OF THE COMPANIES ACT 2013