Dear all,
A public ltd comapny had accept the deposit(unsecured loan) from third party(outsider) and re-pay it within 4 months, but during that period the company who have accept the deposit convert into the private ltd., so section 58A applicable to company and company can not accept any deposit from the outsider. so whats the legal process to intimate this thing to MCA or RBI???
Please do the needful help....
In my view status of the company at the time of taking loan is the only criteria. Since there was no default at the time of taking loan, we cannot say that on conversion into private company default has taken place. However, to avoid complications, the company should try to refund the loan now.
A R JADHAV AND ASSOCIATES
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CA Inter
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SKAA & Associates
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Triveni Turbine Limited
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CAclubindia
