Can a Partnership firm may grant loans to a Company?

siddharth mittal

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Sep 30, 2015, 5:11:11 AM9/30/15

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Dear Members,

Greetings of the day....

Can a partnership firm provides loan to pvt ltd co in which director and partner are same individual..
During 2014-15. Partnership provide 1 crore to pvt ltd.
During 2009-14..partnership provide amount of Rs 9 crore which includes 7 crore as advance against goods....

Now the question is can we take loan from partnerships ...how this amount will treated in balance sheet of 2014-15 and what are formalities under companies act 2013 ???

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Regards,

Siddharth Mittal,

mgra...@gmail.com

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Oct 4, 2015, 1:07:09 AM10/4/15

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1. SECTION 185 prohibits loan.

2. firm giving loan to company in which partner / director are one and the same are even prohibited u/s185.

reagrds-gopalrathnam

Vivek Hegde

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Oct 4, 2015, 1:25:39 AM10/4/15

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Dear Mr.Siddharth,

Loan taken from a partnership will be deemed as a "deposit" under Deposit Rules. It will be a violation of deposit rules.

Section 185 is all about company giving loan to interested parties ......

Warm Regards

CS Vivek Hegde,B.com, FCS, CMA

Vivek Hegde & Co.
Company Secretaries
No. 2034, 26th Cross, K.R.Road
Banashankari II Stage, Behind

Sevakshetra Hospital

Bangalore-560070
Mob : 09900898223

Off: 080 26710667

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Jude Dsouza

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Oct 4, 2015, 3:27:10 AM10/4/15

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The loan to directors I.e. section 185 do not apply to private companies, if certain prescribed conditions get satisfied.

This is in reference to the exemptions to private company notification issued on 5 June 2015.

SrikanthReddyKolli CS

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Oct 4, 2015, 9:02:50 AM10/4/15

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dear sir

your private company accepting loan form a firm in which director is a partner or even if the director is not a partner also gets triggered section 73 of the Companies Act, 2013. accordingly your company has to file a statement of deposits in dpt 4 on or before 30th June, 2014 and ensure repayment within one year from such commencement of the Act or from the date on which such payments are due whichever is earlier.

section 185 is irrelevant in this case as it speaks about loans to directors by a company.

siddharth mittal

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Oct 10, 2015, 12:45:53 PM10/10/15

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Dear All,

Greetings of the day...

I am very much thank full for your valuable comments.

Sorry for late reply....

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Siddharth Mittal,

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