13 February 2012
Respected Experts , Whether a Pvt.Ltd Company can accept loans from any outsider. and if it is aviolation then what will be its consequences.
14 February 2012
Sec. 3(1)(III) or Sec 2 does not define the term Deposit. Sec. Sec. 3(1)(III) provides that the restriction of a Pvt. Co. to accept deposit from Public. Companies Acceptance of Deposit Rules defines Deposit as deposit of money and includes any amt. borrowed by a company but does not include the exempted categories as provided in the Rules.
Therefore, the Pvt. Ltd. Company can obtain loan from any of the exempted category.
But if a Pvt.Ltd company takes loan from a HUF which is not related in any way to the company whether it comes into exempted category ? Whether it is a violation U/s 3(1)(iii)(d)
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