Shivam Singhal

If a private company take loan from any third party, it may attract deposits. and according to section 73 and rules made thereunder, a priivate company can not take deposits from the public. If the amount or loan from the directors or relatives of the director of that private company, it shall not be a deposit. In respect of taking loan by a private company, before 5th June, 2015, Section 180(1)(c) also applied but after the exemption notification to a private company under section 462, whole of the section 180 is not applied on the private company.