Can private ltd co. accept deposit from partnership firm

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Dilshad Saifi (Querist)
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12 February 2018 Dear Members,

A Partnership Firm is a beneficial owner of shares of a Private Limited Co. in pursuance of section 89 of the Companies Act, 2013. Now, such Company wants to accept deposit from partnership firm.
As far as i concerned, a Co. can not accept deposit from Partnership Firm even if it is a beneficial owner of shares of such Company, because Section 2(55) does not cover the term beneficial owner.
Please clarify.

Arpit

Arpit (Expert)
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12 February 2018 No they cannot accept the deposits from the partnership firm even if they are beneficial owner of shares

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