can anybody plz tell me can a public co. (unlisted) take unsecured loan from non- members....... plz refer with respective sections...
3 Replies
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 25 June 2009
Yes a public co. (unlisted) can take unsecured loan from non- members and for that purpose you have to pass a board resolution u/s 292(1)(c).
Regards
Vishal Dang
((Company Secretaries))
(93 Points)
Replied 27 June 2009
apart from that the public company would require to comply the provisions of section 58A
Malav Shah
(Company Secretary and AVP Legal)
(171 Points)
Replied 29 June 2009
Unsecured Loan from will amount to Deposit u/s 58A and you need to comply with sec 58A and applicable regulations. If the non-members is a body corporate, then the unsecured loan can be taken as a Intercorporate Deposit. An intercorporate deposit is exempted from sec 58A.
Regards
CS Malav Shah
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