18 August 2013
Can a PVT LTD company accept loan from HUF in which one its director is Karta or Member. If Yes, please provide with relevant information. Thanks in Advance.
Deposits from HUF Acceptance of deposit by a private company from HUF:— (a) If all members of HUF are also the directors of private company, such private company can accept deposits/unsecured loans from HUF. This case will be covered under rule 2(b)(ix) i.e. such a deposit is an exempted deposit. (b) If all members of HUF are not the directors of a private company i.e. some of them are the partners and remaining are shareholders, still private company can accept unsecured loan/deposit from HUF. This case will be covered under rule 2(b)(ix) i.e. such a deposit is an exempted deposit. (c) If there are some members of HUF who are not the shareholders of a private company, still private company can accept deposits from HUF. This case will not be covered under rule 2(b)(ix).
2(b)(ix) any amount received by a private company from a person who, at the time of the receipt of the amount, was a director, relative of director or member
Can HUF be considered as a relative of the director
20 August 2013
Acceptance of deposit by a private company from a partnership firm:— (a) If all partners of the firm are also the directors of a private company, such private company can accept unsecured loans/deposits from the firm. This case will be covered under rule 2(b)(ix) i.e. such a deposit is an exempted deposit. (b) If all partners of a firm are not the directors of a private company i.e. some of them are the directors and remaining are the shareholders, still private company can accept deposit from the firm. (c) If all partners of a firm are not the directors of a private company i.e. some of them are the directors, some of them are shareholders and remaining are relatives of a partners who is a shareholder. This case is not covered under rule 2(b)(ix). (d) Where some partners are directors in a private company and remaining partners are not their relatives, private company cannot accept deposits from such firm.
20 August 2013
Rule 2(B) (ix) of the the Companies (Acceptance of Deposits) Rule, 1975 is defind as follow:
“Any amount received by a private company from a person who at the time of the receipt of the amount, was a director, relative of director or member.”
In exercise of the powers conferred by Section 58A read with sub-clauses (a) and (b) of Sub-section (1) of Section 642 of the Companies Act, 1956 (1 of 1956), the Central Government, in consultation with the Reserve Bank of India, hereby makes the following rules further to amend the Companies (Acceptance of Deposits) Rules, 1975, namely:-
1 . Companies (Acceptance of Deposits) Amendment Rules, 2004.-
1.Short Title and Commencement - (1) These rules may be called the Companies (Acceptance of Deposits) Amendment Rules, 2004.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In rule 2 of the Companies (Acceptance of Deposits) Rules, 1975, in clause (b), for sub-clause (ix), the following sub-clause shall be substituted, namely:-
" (ix) any amount received from a person who, at the time of the receipt of the amount, was a director of the company or any amount received from a relative of a director or its member by a private company :
Provided that the director, relative of a director or member, as the case may be, from whom money is received, furnishes to the company at the time of giving the money, a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting from others".
After this amendments in this rule as on 12/03/2004 the public company can take money from its director because the word private company has been replace in this sub clause by the word “ the Company”.
10 September 2013
Acceptance of deposit by a private company from HUF:— (a) If all members of HUF are also the directors of private company, such private company can accept deposits/unsecured loans from HUF. This case will be covered under rule 2(b)(ix) i.e. such a deposit is an exempted deposit. (b) If all members of HUF are not the directors of a private company i.e. some of them are the partners and remaining are shareholders, still private company can accept unsecured loan/deposit from HUF. This case will be covered under rule 2(b)(ix) i.e. such a deposit is an exempted deposit. (c) If there are some members of HUF who are not the shareholders of a private company, still private company can accept deposits from HUF. This case will not be covered under rule 2(b)(ix).
18 February 2015
Now as per new ammended Companies Act the whole senorita has changed. Now can a pvt. ltd. comp nay accept the loan or deposit from an HUF where in karta of an HUf and all members of an huf are the director and members of the company.
CAclubindia
