Mahendra Kumar (Finance Accounts & Taxation) (45 Points)
20 June 2008URGENT
Can anybody confirm me that is it allowed to take unsecured loan into unlisted public Company from the Director cum shareholder.
(pls ref. relevant company law, Income tax law and others)
Ashley
(cs)
(178 Points)
Replied 20 June 2008
yest, very well allowed refer to exemptions under deposit rules
Ibrahim
(Salaried)
(85 Points)
Replied 20 June 2008
yes it is allowable. it becomes part of Quasi capital
Ashley
(cs)
(178 Points)
Replied 20 June 2008
same has been amended again in 2003, please go through latest updated deposit rules, you shall find the answer. u are referring to old rules
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