Q. Partnership Firm has taken the unsecured loans from Individual and after 4 years partneship firm has been Converted in to Limited Company and the company has shown the loans taken from the Individual same as per the Partneship Firm . As per the Companies Act ,the company can not take the loan from the Individual in this case loans taken by the partnership firm from Individual has been Converted in to limited Company the status of the loans will be the same or Section 58 A & 58 AA will be applicable
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unsecured loans taken by the Partnership Firm
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Sorry to ask but whether the concerned Individual is either shareholder or director of the company.
| Originally posted by :Vibhash Kumar Sah | ||
| " | Sorry to ask but whether the concerned Individual is either shareholder or director of the company. | " |
True....if he is the shareholder, it could be treated as "Sharedolders Deposits" under Unsecured Loans and if a director, then loans from Directors under the same group.
If the person from whom the loan has been taken are a director or shareholder of the comapny or their relatives then it will not attract the provisions of Section 58A. But do take a letter from the depositers that the said loan granted to the company was out of own funds.
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