Vasant Patel
(Proprietor)
(47 Points)
Replied 02 June 2010
Dear Sir
Any deposit/unsecured loan received by public Limited Company (including closly held Public Limited Company) is exempted u/s. 58A and Companies (Acceptance of Deposits) Rules, 1975. ?
I have comfusion. I attached herewith Notification and and provisions As per Rule 2 (b) (ix) of Acceptance of Deposit Rules, 1975 in this regard can you guide me ?
Regards
Vasant Patel
Purvang
(Articleship)
(21 Points)
Replied 23 May 2011
Can a private limited Company accept unsecured loan from partnership firm where directors are the partners in the firm.?
shishir
(Director)
(24 Points)
Replied 09 October 2011
Dear Members ,
I would like to know that how ( Unlisted) Public limited company can accepted an unsecured deposit / loan from an individual ( Other than Director or Share holder). And make the interest payment.
What shall be the remedy & resonable option to do such transaction.
shishir
(Director)
(24 Points)
Replied 09 October 2011
Dear Members ,
I would like to know that how ( Unlisted) Public limited company can accepted an unsecured deposit / loan from an individual ( Other than Director or Share holder). And make the interest payment.
What shall be the remedy & resonable option to do such transaction.
Neeraj
(acs)
(23 Points)
Replied 12 October 2011
|
Company secretary |
A Public or Private limited company can take unsecured loan from its directors and the same would not be covered under section 58A and other deposit provisions as such transaction is exempt by deposit rules 1975.
Appreciate further a private limited company can take unsecured loan from its shareholders, directors and their relatives and the same would not be covered under section 58A and other deposit provisions as such transaction is exempt by deposit rules 1975.
But if a public company take a unsecured loan from its director who is also a shareholder than the exemption mentioned above is not available and the same would be considered as a public deposit and accordingly considered while calculating limits.
Best Regards
Dear Ankur Sir,
The above post is from you on Lawyers club india.
Please clarify whethera Public limited unlisted company can accept Unsecured loans from Directors, Director's HUF or not.
Its urgent.
Thanx and Regareds Neeraj |
PARMAANAND G HEMDEV
(CEO)
(22 Points)
Replied 20 July 2012
can you please give me the draft of DECLARATION to be filed by the Directors
Hema
(Article Assistant)
(35 Points)
Replied 06 November 2012
Dear Sir,
Will the provisions of deemed dividend be attracted if one pvt. ltd. co. gives loan to another related (common shareholders) pvt. ltd. co. and the interest has been charged as per the prevailing market rates.
CA. Naveen Bhat
(CA)
(175 Points)
Replied 09 May 2013
Can a privated limited compant accept unsecured loan from another company.. will it be considered as Public deposits
Nisha Dubey
(Article Assistant)
(21 Points)
Replied 10 May 2013
Can a private limited company pay interest on unsecured loan (from relatives) in cash?
PLEASE REPLY AS SOON AS POSSIBLE...
Naga Brunda Padala
(exams)
(21 Points)
Replied 20 February 2014
Good mrng everybody.
I would like to know whether a public company which is listed can accept loans from director's relatives ??? If yes what are the section in The Companies Act which deals with it.??
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 21 February 2014
I am trying to give my reply to various queries raised:
1. Neeraj - Public co. can take loan from its directors since it is not 'deposit' as per Rule 2(b)(ix). However, HUF is a relative u/s 2(77) of Cos Act 2013 and as per the said Rule only a private co. can take loan from relative of directors, and not a public co.
2. Mr Hemdev - Draft of declaration: "I, Mr ______, director of _____ Ltd hereby declare that I am giving loan of Rs._____ to the company and the said amount is not being given out of funds acquired by him by borrowing or accepting from others."
3. Hema - Deemed dividend will be applicable if the case is covered u/s 2(22)(e) of IT Act even if interest is charged at market rates.
4. Mr Bhat - ICD is not deposit [Ref. Rule 2(b)(iv)]
5. Nisha - Yes interest can be paid in cash if not covered under specified limits under IT Act.
6. Naga - As clarified under (1) above, loan taken by public company from relatives of directors will be treated as 'public deposits'.
vasamsetty ramaiah
(chartered accountant)
(31 Points)
Replied 21 November 2014
Dear Sir,
Please give the clarification regarding acceptance of unsecured loans or short term loans by a public limited company during financial year 2013-14.
Regards
V.Ramaiah
Veennasaa Garimella
(3 Points)
Replied 25 April 2016
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