Acceptance of loans and deposits by a company

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 February 2015 Dear all,

From whom is a company eligible to borrow loans and deposits?

What is the specified limit of such acceptance as per the new companies act?

What are the terms for repayment?

And what are the consequences if not repaid within time limit?

Please guide.

c.bakshi

c.bakshi (Expert)
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18 February 2015 1. Only Directors and but Members for prescribed company otherwise only and only directors. Section 73 to Section 76 you may refer
2. No such Limit specified but Section 180(1) specify the limit about borrowing power of the company
3. 31/03/2015 only those stand in the name of person other than directors of the company
4. Penalty worth not less than 1 crore and can increase to 10 crore and payment of interest @18% p.a.