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Sorry, a pvt co. by its very definition contained in Sec.3(1)(iii)(d) of Companies Act 1956 is prohibited from accepting deposits from persons other than its members, directors and their relatives other than prescribed in Companies (Acceptance of Deposits) Rules 1975. Here deposit includes loans (Ref.Explanation to Sec.58A).
Dr. Harpreet Kaur
Associate Professor (Business Laws)
Dr friends, please do not mislead people with wrong adv as given by siddharth,Avika, Sajid. A piece of advise: individuals dealing with company law related issues should speak to preferably a Professional Practising Company Secretrary or at least a chartered Accountant, who will be able to advise and suggest remedies than asking questions to individual who are not professiionals related to specific area. "Some of the opinions posted looks like a "Phd doctor treating a sick person instead of a medical doctor".
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