Dear Monali,
yes.. Though a Pvt Company is prohibited from accepting deposits from public., the said restriction does not apply to directors, members and their relatives. And an unsecured loan may be taken as deposit as per the definition of the term deposit.
Thus the loan can be obtained from Mrs. A, since she is a relative of a director
Agree with Ankit ji....Loan can be obtained from a relative of the director....
Thank you Ankit sir........
CAclubindia
