Acceptance of unsecured loan from director

Manoj (Head- Finance) (77 Points)

09 April 2012  

 

Dear Member

Please guide me on the following situation:

A person borrow money by way of “Loan against property” (LAP)  from a bank and full amount of the loan has been given to a NBFC company as unsecured loan in which he is director/member.

Whether the unsecured loan accepted by the NBFC company will be treated as deposit as per Companies (Acceptance of Public) Deposits Rules, 1975?

Thanks

Manoj