Question
The Promoters of Jayshree Spinning Mills Limited contributed in the shape of an unsecured loan to the company in fulfillment of the margin money requirements
The Promoters of Jayshree Spinning Mills Limited contributed in the shape of an unsecured loan to the company in fulfillment of the margin money requirements stipulated by State Industries Development Corporation Ltd. (SIDCL) for granting the loan. In the light of the provisions of the Companies Act, 2013 and Rules made thereunder whether the unsecured loan will be regarded as a Deposit or not. What will be your answer in case the entire loan obtained from SIDCL is repaid?
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Business Law Principles for Today's Commercial Environment
Authors: David P. Twomey, Marianne M. Jennings, Stephanie M Greene
5th edition
1305575156, 978-1305887657, 1305887654, 978-1305575158
