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Compsnies Act

18 April 2020

Is section 73-76 of companies act 2013'applicable if loan is borrowed by companies as it mentions "Acceptance of deposits".

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3 Replies

Vaanie Dangi (unemployed) (62 Points)
Replied 19 April 2020

Yes, it apply only to
banking co
NBC
other companies specified by cg or rbi

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Harish choursiya (Student cs professional ) (249 Points)
Replied 19 April 2020

As per definition of Deposit as defined under section 2(31) which includes any receipt of money by way of deposit or loan or in any other form by a company, but does not include such categories of amount as mention in rule 2 sub rule 3

In your query loan taken by company from other company seems to be excluded from the ambit of deposit under rule 2(c)(vi).

Hope so this serve your purpose.

Vaanie Dangi (unemployed) (62 Points)
Replied 19 April 2020

I want to clear it, that yes sec 73-76 of companies act applicable if loan borrowed by companies as mention acceptance of deposit. But this act excludes banking co., nbfc,other specified companies.