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Acceptance of Deposits.

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18 March 2011 A Limited Company whose shareholders are Directors or relatives of Directors.Has taken deposits from them. Can the company do so... please explain ...if taken then what are the consequences and remedies.
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Jayashree S Iyer

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Jayashree S Iyer (Expert)
21 March 2011 Any amount received from Directors would not be considered Deposit.

However any amount received from relatives of directors or shareholders would be considered as "Deposits" attracting provisions of Section 58A of the Companies Act, 1956.
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