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Deposit from director

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(Querist)
29 June 2016 How much money can be accepted by a private company as deposit from directors, and member, share holders?Is the limit 100 of paid up share capital and resrves and surplus plus security premium or any amount they wish.is it applicable to major and minor share holders defacto
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CS Sanchita Bhardwaj

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CS Sanchita Bhardwaj (Expert)
29 June 2016 Is it about loan or deposit?
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Jatin Bajaj

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Jatin Bajaj (Expert)
30 June 2016 ACCORDING TO SECTION 73(2), A PRIVATE COMPANY CAN ACCEPT UPTO 100% OF AGREGATE OF PAID UP SHARE CAPITAL AND FREE RESERVES FROM MEMBER AND CAN ACCEPT ANY AMOUNT OF DEPOSIT FROM DIRECTOR WITHOUT ANY LIMIT SUBJECT TO CONDITION THAT DIRECTOR SHALL FILE DECLARATION THAT AMOUNT HAS NOT BEEN GIVEN BY DIRECTORS TO COMPANY OUT OF HIS PERSONAL FUNDS
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