Confusion in membership of private company .

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Nirav (Querist)

14 September 2012 Can a Private Company Accepts Deposits from Joint Holders and their Relatives of a Share ?

Can a Private Company Accepts Deposits from a person and his relatives who became a member by the virture of his employment ?

Can a Private Company issue ESOP to its employees ?

If a person is all ready a member of a private company and then he is employed in the company then can he be counted as a member ?

If a person is all ready a member of a private company and then he is employed in the company and then he receives more shares of the same company through ESOP then can he be counted as a member and can deposits be accepted from him and his relatives ?

Amol S Joglekar

Amol S Joglekar (Expert)

14 September 2012 Subject to section 58A, the private company can accept the deposits. (The simple answer is NO, a private company can not accept deposits) Secondly, a private company can go for ESOP subject to however the basic condition of maximum number of members not to exceed 50

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Nirav

Nirav (Querist)

14 September 2012 Sir thank u 4 answering my Queries but i hav a few more pls help me in solvin them ...
I hav posted dem above in the same query box

Amol S Joglekar

Amol S Joglekar (Expert)

15 September 2012 A person/individual can have multifold relationships with the company. a. Member b. Director. c. Employee. d. Debtor e. Creditor and so on. Ther is no bar on the number of relationships. Every time we need to check up if any such relationship jeopardise the interest of any of the section of Companies Act. Accepting deposit from a member is not barred.

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