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LOANS BY PRIVATE LIMITED COMPANY

 * Home
 * Others
 * Loans by Private Limited Company

Apart from Bank Finance, a private limited company depends on internal sources (
which are its shareholders, directors and relative of directors) for its
investment and fund requirements.
Also, private companies, unlike public companies, are prohibited from accepting
deposits from the public.

Regarding Loans by Private Limited Company, in brief, 3 categories of loans have
been prescribed under the Companies Act, 2013.

 1. Loans which can be accepted eg. Loan from Directors, Loan from any other
    company, banking institutions etc.
 2. Loans which can be accepted subject to complying with Deposit Rules, The
    Deposit Rules are very complicated, demand a lot of compliance and
    practically difficult to be followed. If these rules are followed, the
    company can take loan from members etc.
 3. Loans which can not be accepted eg. Private Company cannot accept loans from
    any Partnership Firm, HUF etc

Below, the provisions of Act have been stated in a more structured manner.
Please be guided that the complex provisions of law have been simplified for
easy understanding of stakeholders.

Member: Yes, can accept, but subject to the condition specified in deposit
Rules2.
Promoters & Their Relative: Yes, can accept if it is in stipulation of the
requirement of any lending Financial Institution (FI) or Bank. This Exemption is
available till the loan is not repaid.Yes, can accept, but the director will
give a Declaration in writing that money is not given out of borrowed funds and
company will disclose it in the Board’s report.

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
deposit.

Yes, can accept, but subject to the provisions of the Foreign Exchange
Management Act, 1999 and rules and regulations made thereunder.

  Loans from Conditions, if any:  1 Shareholder:  2 Director/Relatives of
Director 3 Employee 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 1863  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 13 Govt.organisation
( eg. SIDBI) Yes, can accept

 

Other points :

 1. 1. 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.

 

 1. 1. 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.
       
       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:-
       
       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:

 

 1.  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.



 

 
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