Section 73,185,186
This query is : Resolved
11 July 2015
PLZ TELL ME FROM WHOM A COMPANY CAN ACCEPT A DEPOSIT AND TO WHOM A COMPANY CAN ADVANCE A LOAN
11 July 2015
A company can borrow:-
• From its directors provided the fund given by director must be out of his own fund and not from borrowed fund. (Director has to give declaration that the amount he is giving is not out of borrowed funds).
• Banks and financial institutions.
Now company cannot accept loan from its Shareholders and director’s relatives.
A company cannot give:-
• Director of co. which is its holding co.
• To its director.
• Relative of director.
• Any firm in which such director is partner/ or relative is a partner.
• Any partner of such director.
• Any Private limited co. in which such director is a director or a member.
• Body corporate in which such director or director’s hold more than 25% shares.
• Body corporate in which MD, BOD, Manager act in accordance with director or BOD of lending Company.
• From its directors provided the fund given by director must be out of his own fund and not from borrowed fund. (Director has to give declaration that the amount he is giving is not out of borrowed funds).
• Banks and financial institutions.
Now company cannot accept loan from its Shareholders and director’s relatives.
A company cannot give:-
• Director of co. which is its holding co.
• To its director.
• Relative of director.
• Any firm in which such director is partner/ or relative is a partner.
• Any partner of such director.
• Any Private limited co. in which such director is a director or a member.
• Body corporate in which such director or director’s hold more than 25% shares.
• Body corporate in which MD, BOD, Manager act in accordance with director or BOD of lending Company.
Message likes :
1 times
11 July 2015
Please tell can a company accept deposits from a body corporate or not
11 July 2015
@ Neelam Ji
Pvt Ltd company can accept loan from share holders. Loan should be 'secured' and charge has to be created. The cap is not exceeding 100% of the aggregate of paid up capital and free reserves.
Ref:- MCA Notification GSR 464(E) dated 5.6.2015.
Pvt Ltd company can accept loan from share holders. Loan should be 'secured' and charge has to be created. The cap is not exceeding 100% of the aggregate of paid up capital and free reserves.
Ref:- MCA Notification GSR 464(E) dated 5.6.2015.
Message likes :
1 times
13 July 2015
Nitin, inter corporate deposits can be taken subject to limits specified u/s 186 and 180 (1)(c)
13 July 2015
Just to add the Companies Ammendment Act brought in June 2015 has exempted private companies from complying with provisions of S 180 and also they can accept deposits from shareholders without any credit rating or circular requirements.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Confusion around Form 26QB fields
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
Trending Online Classes
CAclubindia
