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Companies act 2013

Vivek Khakhkhar (Assistant Audit Manager) (201 Points)

01 May 2014

Can a private company as per new companies act, 2013 avail loan from director's relative, shareholders, HUF etc. & what is section/provision of the same?

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10 Replies

CA Sumit Arora (CA) (1411 Points)
Replied 01 May 2014

1) As per the provisions of Companies (Acceptance of Deposit) Rules, 2014. A company can not avail loan from director's relative.

2) From members(shareholders), it shall not exceed aggregate of 25% of paid up share capital and free reserves.

Regards

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SAKET AGARWAL (ARTICLE) (21 Points)
Replied 02 May 2014

Under which section it is mentioned sir ??

CA Sumit Arora (CA) (1411 Points)
Replied 02 May 2014

Refer section 73(2) of Companies Act, 2013 and refer rule 3 of Companies (Acceptance of Deposit ) Rules, 2013 "Terms and conditions of accpetance of deposits from companies.

ipshita gopinath (student) (27 Points)
Replied 03 May 2014

Please tell me what sections of companies act 2013,are applicable for IPCC November 2014,exam

anonymous II (director) (60 Points)
Replied 14 May 2014

Respected Sirs,

Can a private non-banking finance company accept loan from its shareholders ?

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Vandana J Doshi (Practising Company Secretary) (12562 Points)
Replied 14 May 2014

HI Anonymous,

As per my understanding, NBFCs registered with RBI are specifically exempted from Desposits rules....they however will have to comply with section 180 of the Companies Act 2013....

Regards

anonymous II (director) (60 Points)
Replied 14 May 2014

Respected Sir,

Thanks a lot for attending my query, in another words, it can be said that section 73(2) is not applicable to private non banking finance company taking loan from its shareholders.

Is there any limit u/s 180. (1) © upto which extent permission can be given by special resolution?
Your guide a lot for me.

Vikas Golchha (Director) (30 Points)
Replied 25 June 2014

As per rule 73 (2) of CA 2013, loan can not be taken from relatives of directors. What about loan from HUF. If the the adult karta and his wife are both directors as well as shareholders in the company, can the HUF give loan to the Pvt Ltd company. Their children are minors and not shareholders.