Acceptance of deposit by a private company from a partnership firm:— (a) If all partners of the firm are also the directors of a private company, such private company can accept unsecured loans/deposits from the firm. This case will be covered under rule 2(b)(ix) i.e. such a deposit is an exempted deposit. (b) If all partners of a firm are not the directors of a private company i.e. some of them are the directors and remaining are the shareholders, still private company can accept deposit from the firm. (c) If all partners of a firm are not the directors of a private company i.e. some of them are the directors, some of them are shareholders and remaining are relatives of a partners who is a shareholder. This case is not covered under rule 2(b)(ix). (d) Where some partners are directors in a private company and remaining partners are not their relatives, private company cannot accept deposits from such firm.
If you read Rule 2(b)(ix) of the Acceptance of deposit Rules, 1975, then it will says that if private company are taking unseured loan from patner ship fir, as per stipulated condition will not be treated as deposit and they are eligible to take such loan.
In your case your company is eligible to take loan from such partnership firm.
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