Acceptance of Deposits from Director
This query is : Open
09 January 2010
Can a public unlisted company accept deposits from its managing director? and if it can then what all are the requirements to be complied with under the companies act 1956? Please help
09 January 2010
Yes a public unlisted company can accept deposits from its managing director.
You have to comply with Deposit rules, 1975.
You have to comply with Deposit rules, 1975.
09 January 2010
Agree with Mr.Ankur
10 January 2010
And do we have to comply with sections relating to loans from directors? and please let me know what is the amendment in the deposit rules made in 2002?
11 January 2010
There is no provision in co. act which talks about loan from dir. Except deposit provisions.
Section-295 deals with loan to director.
Download latest deposit rules from MCA site.
Section-295 deals with loan to director.
Download latest deposit rules from MCA site.
11 January 2010
I went through the deposit rules 1975, in that the deposits accepted from a director is excluded from the definition of depoits.I am not sure whether the rules are to be complied with if money recived from directors is not a deposit.Please help.
11 January 2010
The above exemption is only for the private company and not for the public company. Check yourself.
11 January 2010
Hi Ankur
As per the latest ammendment,Monies from Director are traeted as Deposit and rules 3to 10are applicable for a public co'
My query on the above is :
1. Is Advertisement or Statement in lieu of advertisement is required in case of acceptance from a Managing Director?
2. If not, any notice has to be given to registrar for such acceptance?
3. Is there any time limit whithin which such amount has to be accepted from the director.
As per the latest ammendment,Monies from Director are traeted as Deposit and rules 3to 10are applicable for a public co'
My query on the above is :
1. Is Advertisement or Statement in lieu of advertisement is required in case of acceptance from a Managing Director?
2. If not, any notice has to be given to registrar for such acceptance?
3. Is there any time limit whithin which such amount has to be accepted from the director.
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