Wether a private company can take loan from freinds and relatives? If repaid properly whether and contravetion on section 58 in this case.
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Deposits from freinds and relatives
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Dear Sonal,
Under section 3(1)(iii)(d) Private company can accept deposiit only from its members, directors or their relatives.
However, under Acceptance of Deposit Rules, 1975, Deposit accepted by a Private Company as above is EXEMPTED DEPOSIT.
Therefore, it would treated as unsecured loans.
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