Companies Act
This query is : Resolved
24 August 2010
Can a private company take loans in cash from outsiders and as well from directors.
24 August 2010
Pvt Company can take loan only from Directors, relatives & members including other Company.
Other than above it will be treated as Deposit from Public as per Section 58A
Other than above it will be treated as Deposit from Public as per Section 58A
24 August 2010
And in any case cash loan taken above Rs. 20,000/- will be in violation of Section 269SS & 269T of the Income Tax act. So cannot be taken otherwise also.
25 August 2010
Agree with Jagruti...
A private co. is prohibited to accept deposit from public as per section 3(1)(iii). In case of Violation of this section private co. shall be treated as a public co. by the roc.
Regards
A private co. is prohibited to accept deposit from public as per section 3(1)(iii). In case of Violation of this section private co. shall be treated as a public co. by the roc.
Regards
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