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Unsecured loan from third party co. act 2013

Sdp 22 (CA) (80 Points)

02 August 2014

Can a Pvt ltd Company accept an unsecured loan from third party as per provisions of Co. Act 2013.?

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5 Replies

CA PRIYUL SHAH (JOB) (901 Points)
Replied 02 August 2014

No, It can accept loan from directors as per section 73 and inter corporate deposit as per Section 186 of companies act, 2013

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P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 02 August 2014

No, it cannot accept deposit or loan from any party other than those mentioned in Rule 2(c) of Companies (Acceptance of Deposits) Rules 2014.

Sdp 22 (CA) (80 Points)
Replied 02 August 2014

But, isint there a provision in Chapter V which says thats it can accept the loans in case of Short term requirement of funds?

Sdp 22 (CA) (80 Points)
Replied 02 August 2014

I read an article in which it is written that Co. cannot accept deposits from public except in accordance with Chapter V.... then what does Chapter V exactly say?