MOHAN (ARTICLES) (67 Points)
09 February 2016
Yashwant Patel
(Working with CA firm)
(117 Points)
Replied 09 February 2016
Company means, company incorporated under companies act 2013 or any prevous company law. Hence LLP shouldn't be considered as Company.
MOHAN
(ARTICLES)
(67 Points)
Replied 09 February 2016
n h shroff
(legal)
(23 Points)
Replied 11 May 2016
what in case of a comopany having recieved loan from another comopany and later the lender company has cnverted itself into a LLP. In such case, amount was originally recieved by a borrower Company when it was legal and the Borrower company had no control over the conversion process and as such it has no option or say wrt the conversion process. It is also practically not possible to repay the amount as the comopany could not have forseen such circumstance and have not made any adequate arrangement fro the same.
in such case i believe the amount can continue and also cannot be regarded as deposit.
comments are invited
Pratik Shah
(Practising Company Secretary)
(4432 Points)
Replied 12 May 2016
(in addition to above) However, if such LLP is shareholder of such company, then such company can take loan subject to fulfilment of criteria as mentioned in Notification dated 05.06.2015.
n h shroff
(legal)
(23 Points)
Replied 13 May 2016
The point here is -
1. at the time of making ICD it was within legal framework and exempt as Company to Company deposits
2. the lender company had by its owen accord converted itself as a LLP, in which the borrower has no role to play, just like in the case of amalgamation or merger.
3. there is no change in the terms and conditions of the deposit, only nomenclature of party changes.
4. it is not that a new deposit is recieved from the LLP or renewal of the deposit done.
5. it is too much for a company to cough out the monies for deposits, especially private companies, who have employed the amounts recieved.
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