24 July 2010
Unlisted Public Company can except loan only from Body Corporate which includes Company and from the Directors.[refer Companies (Acceptance of Deposits) Rules, 1975, Rule 2(b)(iv) & (iX)]
Link of rules :http://www.mca.gov.in/Ministry/actsbills/rules/CAoDR1975.pdf
Loan other than above persons will be treated as Deposits as per Section 58A.
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