Bindu Mediatech Private Ltd. is having paid-up capital of ₹ 40 lakh, its Securities Premium Account is ₹ 30 lakh and its free reserves are ₹ 30 lakh. The company has accepted ₹ 95 lakh as loans from its members and term

The Company has accepted a term loan from a scheduled bank of ₹ 75 lakhs. However, under Rule 2(1)(c) of Companies (Acceptance of Deposits) Rules, 2014, it is an exempted deposit. MCA has provided certain exemptions to private limited companies for accepting loans/deposits from its members. Accordingly, clause (a) to (e) of Sub-section 2 of Section 73 of the Companies Act, 2013 shall not apply to the following private companies: (i) which accept money not exceeding 100% of the paid-up capital and free reserves and securities premium. (ii) start-up company for 5 years from its incorporation. (iii) a private company which fulfils the following conditions: (a) which is not an associate or a subsidiary of any other company, (b) if the borrowings of such a company is less than twice of its paid-up share capital or rupees fifty crores, whichever is less; and (c) such company has not defaulted in repayment of such borrowings subsisting at the time of accepting of deposits. Provided that the company referred to in clause (i), (ii) or (iii) above shall file the details of monies accepted to the registrar in such manner as may be specified. In this case, Bindu Mediatech Private Limited, is having a paid-up share capital of ₹ 40 lakh, Free Reserves of ₹ 30 lakh and share premium of ₹ 30 lakh. Hence, the company can accept loans upto ₹ 100 lakh (₹ 40 lakh + ₹ 30 lakh + ₹ 30 lakh). Since the company has already accepted ₹ 95 lakh as loans from its members it can further accept ₹ 5 lakh from its members as loan/deposits.