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Q. > Please Help: Company law
whether a private company take loan from its directors, relatives, friends . if yes , in which section of companies act 2013.
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Comments
Vijeta Nathani
29-May-2014 , 06:36:56 pmComapany can take loan from directors as per companies Act 2013; Kindly refer Section 73 of Companies Act 2013. Section 73: It states that No company whether public or private can accept deposit from anybody without complying with the provisions mentioned in Section 73. Clause (viii) of Rule 2(c) specifically excludes loans from directors from the purview of deposit definition if the director gives a declaration that the amount he is lending is not out of borrowed funds. Clause (vi) of Rule 2(c) excludes loans received from any other company from the definition of Deposits.
Vijeta Nathani
29-May-2014 , 06:42:58 pmTo sum up any company whether public or private can accept loan or deposit from directors (subject to obtaining a declaration) and any other company whether private or public (subject to the restrictions imposed by S.180(1)(c),of the Act) apart from banks and financial institutions. If any company is desirous of obtaining loan from any other person then they have to comply with the Deposit rules which include obtaining credit rating, issuing circular, creating deposit repayment reserve account, etc.