LALIT CHHAJED (PARTNER) (30 Points)
11 August 2011A Private company wants to accept Loan from its shareholder C & B who are second and third joint shareholders of shares.
A being the first joint shareholder.
Can the company take loan from B & C?
Will it be considered as deposit u/s 58AA?
any compliance required from companies part.?
AMIT MISHRA
(Legal Professional)
(393 Points)
Replied 12 August 2011
Dear Lalit,
Please note that a private limited company can take unsecured loan from its shareholders, directors and relatives and the same would not be covered under section 58A and other deposits provisions as such transaction is exempt by deposits rules 1975. There is no limit to the loans taken.
Amit Mishra
BSamrish & Co.
New Delhi
valji
(Accounts manager-MBA)
(2150 Points)
Replied 12 August 2011
agree with above but not from NRI directors
RG - A Helping Hand
(Company Secretary)
(13867 Points)
Replied 12 August 2011
Agree with Amit Sir...
A private limited company can take unsecured loan from its shareholders and the same would not be covered under section 58A and other deposit provisions.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)
CAclubindia
