Acceptence of deposits from director's relative/friend
Querist : Anonymous
Please do clarify !
of the amount, was a director, relative of
director or member. But can't accept from friend's of directors and or his/her relatives.
However, the director or member, as the case may be, from whom money is received, furnishes to the company at the time of
giving the money, a declaration in writing to the effect that the amount is not being
given out of funds acquired by him /her by borrowing or accepting from others.
A private Company can accept the Deposit only from the
1) Members
2). Directors
3)Relative of Directors
They have to furnish the declaration that money is their own money and not the borrowed one.
Querist : Anonymous
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