Definition of relatives
This query is : Resolved
23 May 2012
A pvt.co. can accept unsecured loan and deposits from its members,directors and their relatives.
Please tell me, for the purpose of above clause, what is the definition of ralatives ?
Please tell me, for the purpose of above clause, what is the definition of ralatives ?
CA. Hari Kishan
(Expert)
23 May 2012
The very purpose of restriction on a pvt co. is to not let them borrow from general public. However unsecured loans may be accepted from relatives of the directors and friends. The meaning of the relative can be taken to mean as his family members and his friends (in a restrictive manner).
CA CS Amit S. Kedia
(Expert)
23 May 2012
As per section 6 r.w. Schedule 1A, A person shall be deemed to be a relative of another, if, and only if,
(a) they are members of a Hindu undivided family ; or
(b) they are husband and wife ; or
(C) Any of the following-
1. Father.
2. Mother (including step-mother).
3. Son (including step-son).
4. Son's wife.
5. Daughter (including step-daughter).
6. Father's father.
7. Father's mother.
8. Mother's mother.
9. Mother's father.
10. Son's son.
11. Son's Son's wife.
12. Son's daughter.
13. Son's daughter's husband.
14. Daughter's husband.
15. Daughter's son.
16. Daughter's son's wife.
17. Daughter's daughter.
18. Daughter's daughter's husband.
19. Brother (including step-brother).
20. Brother's wife.
21. Sister (including step-sister).
22. Sister's husband.
(a) they are members of a Hindu undivided family ; or
(b) they are husband and wife ; or
(C) Any of the following-
1. Father.
2. Mother (including step-mother).
3. Son (including step-son).
4. Son's wife.
5. Daughter (including step-daughter).
6. Father's father.
7. Father's mother.
8. Mother's mother.
9. Mother's father.
10. Son's son.
11. Son's Son's wife.
12. Son's daughter.
13. Son's daughter's husband.
14. Daughter's husband.
15. Daughter's son.
16. Daughter's son's wife.
17. Daughter's daughter.
18. Daughter's daughter's husband.
19. Brother (including step-brother).
20. Brother's wife.
21. Sister (including step-sister).
22. Sister's husband.
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