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Unsecured loans
We have unsecured loans from private companies on our Pvt Ltd company to the tune of 60 lacs. Can this be treated as deposits under the new law. Do we need to repay this under the new company guidelines by 2015. Can they attach our personal properties.
Replies (9)
Yup. It is treated as Deposits.
Thank you so much.
Is there a law that we need to repay these unsecured loans by 2015. And what if we are unable to make these payments. Can they attach our personal properties.
It will not be treated as deposits bcoz as per deposit rules any loan accepted from body corporate will not be treated as deposit. Pvt ltd cos included in the definition of body corporate.
You may refer to definition of deposit under deposit rules. It will clarify you.
Ok. Thank you so much sir
Inter corporate loans will not be treated as deposits......check deposits rules for the same.......
Thank you so much.
Dear Vandana,
As per the new company guidelines we have to submit details of all deposits with the Roc and we should repay within 1 year from now. Is the same case with unsecured loans.
Shailesh you don't need to file any return (details) to roc as intercorporate deposit are exempt from deposit's defenition.
We have intercorporate loans to the tune of 60 lacs. The loans have been given by a private ltd company to a Pvt ltd company. Directors have withdrawn some funds as monthly withdrawals over 3 years. The company is in loss. Can the companies attach directors personal assets to recover the loans.
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