can public co. accept loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 July 2010
can public co.(unlisted) accept loan from director or director relatives.if yes, give me cases and detail of sections or rule?
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.
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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