can anybody plz tell me can a public co. (unlisted) take unsecured loan from non- members....... plz refer with respective sections...
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Yes a public co. (unlisted) can take unsecured loan from non- members and for that purpose you have to pass a board resolution u/s 292(1)(c).
Regards
apart from that the public company would require to comply the provisions of section 58A
Unsecured Loan from will amount to Deposit u/s 58A and you need to comply with sec 58A and applicable regulations. If the non-members is a body corporate, then the unsecured loan can be taken as a Intercorporate Deposit. An intercorporate deposit is exempted from sec 58A.
Regards
CS Malav Shah
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