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.
VIKASH (DIRECTOR) (74 Points)
23 January 2015IS 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.
Akash Shah
(student)
(26 Points)
Replied 23 January 2015
Vikash sir,
Does that unsecured loan falls within the purview of definition of Deposit?
Akash Shah
(student)
(26 Points)
Replied 23 January 2015
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.
VIKASH
(DIRECTOR)
(74 Points)
Replied 23 January 2015
[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)
Akash Shah
(student)
(26 Points)
Replied 23 January 2015
Dear Sir,
I will confirm with my seniors & refer certain books & reply you by tomorrow.
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