Deposit rule 2 (1) (c)
This query is : Resolved
07 February 2015
Point No viii of Rule 2 (1) (c) of Deposit rule says that any amount received from a person who, at the time of receipt of the amount, was a director of the Company.
Provide that the director from whom the Money is received, furnish 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 fund acquired by him by borrowing or accepting loans or deposit from others.
My question is X Company is receiving application money for further allotment and Mr. A is the Director or Member in the X company. So at the time of giving application money the director shall furnish the declaration in writing or not as per proviso of above mention point.
Provide that the director from whom the Money is received, furnish 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 fund acquired by him by borrowing or accepting loans or deposit from others.
My question is X Company is receiving application money for further allotment and Mr. A is the Director or Member in the X company. So at the time of giving application money the director shall furnish the declaration in writing or not as per proviso of above mention point.
07 February 2015
No. Because the proviso is for 'deposit' and not for 'share subscription money'.
07 February 2015
Yes sir i agree it is for deposit.
but if i borrow money and invest that money as a share capital in the company. then that will be cover under deposit or not
but if i borrow money and invest that money as a share capital in the company. then that will be cover under deposit or not
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