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LoAn by private limited companies

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(Querist)
04 April 2009 Can private limited tak loan from private parties?Can you please let me know which section cover the regularion on loan by private parties?
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
04 April 2009
A private limited company can take loan from only shareholders. Otherwise it will become violation of section 58A accepting of public deposits.

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