Ankit
(CA, CS)
(3064 Points)
Replied 27 September 2013
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
Vandana J Doshi
(Practising Company Secretary)
(12562 Points)
Replied 27 September 2013
Agree with Ankit ji....Loan can be obtained from a relative of the director....
Chinnu Raj
(CA Final Student B.Com)
(1067 Points)
Replied 27 September 2013
Thank you Ankit sir........
CAclubindia
