shareholders loan
Hi,
In CSR-2 after point No.4, point No.10 is opening and point No.5,6,7,8 and 9 is not opening for me to fill the details.
Anyone else facing similar issue?
issue
Dear All,
I have mailed to CRC for withdrawal of Name with Affidavit. Almost a week before but the name is still reserved.
Is there anyone who has successfully withdrawn the approved name..?
Please help me out with this and kindly suggest what else I can do..?
Dear all
Plz guide us with regarding to Extension of redemption date of preference shares.
Whether we have to file MGT 14 or not for extending date ??
shares preference date redemption extending
Hi All,
Anyone did Incorporation of Special Purpose Vehicle (SPV) Please let me know the name of SPV registered with MCA.
Dear Friends
Can a pvt company give guarantee on a loan taken by an huf, the karta of which is a director in the company
As such by reading section 185 i think no....but wanted to recheck and specifically when Section 186 allows company to borrow, provide guarantee upto 60% of its paid up capital and free reserves....does transaction specified in Section 185 also falls for Section 186 limited
Kindly throw in your view pts
Dear All
There is a Pvt. Co. which was incorporated in 2020 but there has been no business till the date since its inception...but the main object has been modified...In such a scenario...can Company go for strike off??
Kindly guide.
Dear Members,
How much time it will take to convert a LLP into Private limited company in Mumbai ROC?
company into conversion
Hi,
In case of transfer, whether transfer consideration can be received in cash?
transfer 
Loans from
Conditions, if any:
1
Shareholder:
Member: Yes, can accept, but subject to the condition specified in deposit Rules***.
Promoters & Their Relative: Yes, can accept if it is in the stipulation of the requirement of any lending Financial Institution (FI) or Bank. This Exemption is available till the loan is not repaid.
2
Director/Relatives of Director
Yes, can accept, but the director will give a Declaration in writing that money is not given out of borrowed funds and the company will disclose it in the Board’s report.
3
Employee
Yes, can accept up to the employee’s annual salary ( there should be a contract of employment with the company) in the nature of non-interest-bearing security deposits.
4
Any other Individual
Can’t accept
5
Proprietorship Firm ;
Can’t accept
6
HUF
Can’t accept
7
Partnership Firm
Can’t accept
8
Any Company
Yes, can accept, but also comply with Sec 186** wherein the conditions are specified for the lender
9
Banks
Yes, can accept
10
Any other Financial Institution which are not incorporated as Banks ( eg. Religare, Fullerton, Barclays, Bajaj Finance)
Yes, can accept
11
Trust
Yes, can accept, but loan received should be non- interest bearing.
12
Outside India
Yes, can accept, but subject to the provisions of the Foreign Exchange Management Act, 1999 and rules and regulations made thereunder.
13
Govt.organisation ( eg. SIDBI)
Yes, can accept
Other points :
* For accepting the Loans/Deposits from above parties, a company has to follow the conditions laid down u/s 180(1)(c) which is:
If Proposed +Existing borrowings (exclude temporary borrowings) > (paid up capital +Free Reserves +Securities Premium Account), the Company shall have to pass Special Resolution in General Meeting. But in case of private company – Section 180 shall not apply – Notification dated 5th june, 2015 provided that Interest of Shareholders must be protected.
**Sec 186: A Company (Private or Public) can’t give loan to any person* or body corporate which is more than
60% of its Paid up Capital + Free Reserves + Security Premium
Or
100% of Free Reserve + Security Premium
If this limit is exceeded, prior approval by special resolution in general meeting is required. However, in case a loan or guarantee is given by a company to its wholly owned subsidiary company or a joint venture company than special resolution is not required.
*the word “person” does not include any individual who is in the employment of the company.
***Deposit Rules: for acceptance of deposits from Members (including subscriber to MOA or shareholder:
Company can accept maximum 35% of (paid up capital + Free reserves +Securities Premium Account) – This limit is for existing and proposed deposits.
Company has to follow the procedure like issuance of circular, depositing insurance, credit rating, appointment of trustee etc.
But after The Notification Companies (Acceptance of Deposits) Second Amendment Rules, 2017- Dated 19th September, 2017, a private company can accept 100% of (Paid up capital+ Free Reserves +Securities Premium) without fulfilling the conditions mentioned in sec 73(2) clause (a) to (e) i.e. issuance of circular, depositing insurance, credit rating, appointment of trustee etc. and such company shall file the details of monies so accepted to the Registrar in Form DPT-3.1. a private company which is a start-up, for five years from the date of its incorporation;
2. a private company which fulfils all of the following conditions, namely:-
i) which is not an associate or a subsidiary company of any other company;
ii) the borrowings of such a company from banks or financial institutions or any body corporate is less than twice of its paid up share capital or fiffy crore rupees, whichever is less ; and
iii) such a company has not defaulted in the repayment of such borrowings subsisting at the time of accepting deposits under section 73:
Provided further that the maximum limit in respect of deposits to be accepted from members shall not apply to following classes of private companies, namely:-