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Sec-58A

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 January 2011 wheather loan taken from relatives are covered in public deposits or unsecured loans?
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Jayashree S Iyer

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Jayashree S Iyer (Expert)
01 February 2011 Loan taken from relatives of Directors is not a public deposit. It's an unsecured loan.
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Querist : Anonymous

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Querist : Anonymous (Querist)
01 February 2011 if loan taken from relatives only, is it taken under public deposits or unsecured loans?
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Jayashree S Iyer

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Jayashree S Iyer (Expert)
02 February 2011 I have already replied. It's an unsecured loan if the loan is from "relatives" of directors. However if the loan is from "relatives" of shareholders, it will be a deposit.

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