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acceptance of deposits by a private limited company

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(Querist)
19 April 2011 can a private limited company can accept deposits from relatives of its shareholders
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RAMESH KUMAR VERMA

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RAMESH KUMAR VERMA (Expert)
19 April 2011 A Private Company can only take deposits from its Directors, Shareholders and their relatives as per sectin 3(1)(iii)

However, as per Rule, 2(b)(ix) any amount received from a person who at the time of receipt of the amount was a director of a COMPANY or any amount received from a relative of a diretor or its member by a PRIVATE COMPANY.

Company means Private as well as Public Company.

Therefore, any amount received by a Director of Public Company is not considered as deposit and deposit rules does not apply on it.

Further any amount received by Director, their relative or shareholder by a Private Company is not considered as deposit and deposit rules does not apply on it.
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