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ACCEPTANCE OF DEPOSIT RULES

This query is : Resolved 
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(Querist)
09 May 2011 X CO=PVT CO
WHETHER X CO CAN ACCEPT DEPOSITS FROM Y CO [PVT CO] PROVIDED Y CO HAD ALSO TAKEN LOAN FROM OTHERS [SECURED/UNSECURED].

WHICH CLAUSE WILL APPLY 2[IV] OR 2[IX] OR NO CLAUSE OF ABOVE RULES I.E. DIRECTLY EXEMPTED B/C OF DEF U/S 3 OF COMPANIES ACT .
WHETHER THIS CLAUSE-ICD HVBEEN DELETED?

WHETHER THE ABOVE SITUATION COMPANIES [ACCEPTANCE OF DEPOSITS] RULES APPLY IF THE Y CO IS MEMBER OF X CO B/C [SEC 3-DEF OF PVT CO]
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Jayashree S Iyer

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Jayashree S Iyer (Expert)
09 May 2011 X Private Company cannot accept deposits other than its directors or their relatives or members.

However it can avail intercorporate loans from Y Private Company.

Companies (Acceptance of Deposits) Rules exempt any loan received by a company from another company from the term "Deposit". Hence any amount given to X Private Limited by Y Private Limited would not fall under the term "Deposit".
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student

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student (Querist)
10 May 2011 but i hv read tht inter corporate deposits clause hv been ommited..............
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
07 July 2023 "Sorry, I am not a featured member."

For featured members contact....

https://www.caclubindia.com/catalogue/featured.asp
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