kedar (student) (34 Points)
28 November 2009Is NBFC (Loan Company) non accepting public deposits, can give loan other to other Company, in Both the company means NBFC & other company the promotor are the same? Both are Pvt LTD.
Can above said company raised the fund by ICD?
Pls mention Section, Circuller or Notificatio.
PLS REPLY IT'S UREGENT
Komal Gupta
(Company Secretary)
(57 Points)
Replied 30 November 2009
Dear Mr. Kedar,
A Non deposit accaepting NBFC can raise a ICd from another Company or a loan from its Directors. It is not covered under the definition of Public Deposit defined in the notification no. DFC 118/DG(SPT)-98 dated 31.01.1998 issued by RBI.
Should you require any further clarification on the matter feel free to raise.
Thanks
Komal Gupta
CAclubindia
