Acceptance of Deposit from Director's Relative

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Prabhakar Latkan (Querist)
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24 May 2017 Please clarify whether company can accept Deposit from Director's Relative like father wife mother if they are shareholders of the company

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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24 May 2017 Private companies can accept deposits from its members to the extent of 100% of its paid up
capital and free reserves

Prabhakar Latkan

Prabhakar Latkan (Querist)
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24 May 2017 Please clarify whether Limited company can accept Deposit from Director's Relative like father wife mother

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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24 May 2017 yes. to the extent of 25% of paid up capital and free reserves & Full compliance of Deposit Rules

Prabhakar Latkan

Prabhakar Latkan (Querist)
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26 May 2017 Thank you CS Mitesh Mehta

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