Is it permissible for a company to obtain an unsecured loan from entities other than its directors or shareholders?
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Regarding the disclosure of outstanding unsecured loans from external parties other than Directors, promoters, and their relatives, for a private company that has held these loans for several years, could you please clarify the appropriate section in DPT-03 where these loans should be disclosed?
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Dear All,
whether unsecured convertible debentures to be issued by private limited company, DRR is mandatory to create?
Thanks
limited
company
private
issued
convertible
debentures
unsecured
Please confirm company can take unsecured loan from the directors and there relatives with zero rate of interest right ?
But while accepting deposit from directors, they must give a declaration to the company that the amount is their own money and not borrowed.
Please confirm if anything else need to be done ?
DPT-3 also need to be filed ?
Dear Professionals,
We have converted one partnership firm into the company on December 2021.
Before conversion, they have 2 lakh in the capital account and 50 lakh in the current account.
After conversion 2 lakh became share capital and Rs.50 Lakh treated as unsecured loan from director.
Can we convert above mentioned unsecured loan of 50 lakh (Previously current account) into share capital..?
Because;
In order to convert the loan into share capital, as per provisions of section 62(3) of the Companies Act, the company has taken loan on the terms that the loan will be converted into share capital and such option has been approved by special resolution before taking of loan then in such case subscribed capital can be increased.
It must be noted that it is at most important to pass the special resolution at the time of acceptance of the loan without passing the special resolution; the loan cannot be converted into share capital.
How can we convert the unsecured loan into share capital?
Please guide..
Dear Colleagues,
Please throw light on my query.
One shareholder has given an unsecured loan to the company, does this transaction fall under related party transaction?
If yes, then is it mandatory to disclose in the board's report and also in AOC-2?
Dear Sir,
I want to know , What is the process of issue of Secured Debentures Through Private Placement in a Private Limited Company
debentures
secured
issue
process
Dear Friends
Can a company accept an unsecured loan from a person registered under the Money Lenders Act of the State. The acceptance of money, payment of interest, tds, repayment
and every thing is through bank.
Dear Sir,
I want to know , What is the process of issue of Secured Debentures Through Private Placement in a Private Limited Company
debentures
secured
issue
process
Dear Members
A Private Limited is availing Overdraft facility wherein the Immovable Property of a Director is mortgaged to the Bank. In such a scenario
1) will the company have to file CHG-1 since there is a provision in the eform to file details of borrowing wherein security belonging to other persons OR is CHG-1 optional since assets of the company is not mortgaged
2) In the balance sheet of the company, will such borrowing be shown as Secured or Unsecured, since the Company's assets are not encumbered in any way.
Thanks
Dear All,
A Private limited company wants to apply for voluntary strike-off. Please let me know how to prepare a NIL statement of account in case of the following scenario;
1. Paid up capital- Rs. 5,00,000/-
2. Reserves- Rs. 95,00,000/-
3. Unsecured Loan- Rs. 90,00,000/-
4. Brought forward losses- Rs. 85,00,000/-
5. MAT Losses- Rs. 25,00,000/-
6. MAT Credit Entitlement- Rs. 3,00,000/-
Thanks & Regards,
Dear Members,
If a private limited company accepted an unsecured Loan in 2019 from a person who is not a shareholder/director/relative then what would be the possible consequences of the same?
