IS THERE ANY CHANGE W.E.F. 1-4-2015 THAT A "LTD" CO CAN NOT HAVE ANY
UNSECURED LOAN FROM ANY INDIVIDUAL EXCEPT ITS DIRECTORS ONLY.
I.E. DIRECTOR RELATIVE OR SHAREHOLDER OR OUTSIDE PARTIES CAN NOT GIVE
UNSECURED LOANS TO CO.
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Unsecured loans in a ltd co
Replies (4)
Vikash sir,
Does that unsecured loan falls within the purview of definition of Deposit?
Vikas Sir,
If Yes, then the link given below may help :
https://www.slideshare.net/ragforever57/loans-deposits?related=2
If No., then according to me if loan now taken, including previously borrowed loan, if total Loan amount does not exceed total Paid-up capital & Free Reserves, than a Limited Co. can borrow unsecured loan.
[1] I don't know if loans fall within preview of DEPOSITS definition.
But perhaps - Ans will be NO.
they are not deposits. They were given years ago - on inetrest basis.
[2] the paid up capital + reserve is FAR FAR less than loans.
loans are much much higher.
paid up capital 9-lac
loans - 2-crores ( all family loans from director's family members who are shareholder also)
Dear Sir,
I will confirm with my seniors & refer certain books & reply you by tomorrow.
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