Acceptance of deposits

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2015 A private company accepted deposits from partnership firm in which one of partner is shareholder and director in the company. please let me know whether company can accept deposits from a partnership firm in which a director is a partner?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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09 April 2015 Company cannot accept such type of deposits with out complying with the provisions of section 73 of the Companies Act,2013 read along with Companies (Acceptance of Deposits) Rules,2014.

Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2015 Thanks Sir. please also guide that a pvt co. can accept borrowings only from its directors by having declaration from the director that he has not borrowed funds from other.