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Loan from relative

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(Querist)
26 November 2009 Hi can a company accept a loan - Unsecured - from a relative?
If yes, which section or notification permits this?
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
26 November 2009 A private limited company can accept loan from the relative of a director. Section 58A of the companies act empowers for the same.

Whereas a Public company cannot accept the same, the same section 58A will not allow to accept the public deposits.

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