Takeover of the sole proprietorship

    Posted By : damini / Published on : 17-Jan-2020 07:17 AM / View : 229 / Comment : 0
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    Dear All,

    A public company took over the sole proprietorship of one of its directors. There stood unsecured loans from the relatives of the director in the sole proprietorship.

    My query is, whether after the takeover of the sole proprietorship by the public company the unsecured loan outstanding in the name of the relatives of the director will be treated as deposit for the public company considering that any amount received from a relative of a director in a public company shall be treated as deposit as per the deposit rules.
    Read more on : proprietorship sole takeover

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