Deposits and Interest

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Rajiv Kaicker (Querist)
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05 June 2010 Are there any restrictions on deposits and interest thereon :

1. From Directors in a closely held public ltd. company.

2. From Partners in a Partnership Firm?

Regards,
Rajiv Kaicker

Aditya Maheshwari

Aditya Maheshwari (Expert)
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05 June 2010 1. Loan can be taken from directors only in a public limited company. Interest can be paid as per prevailin market conditions.

2. If loan is taken from partner it will be added to the partners capital a/c and interest allowable is 12% p. a. subject to the mention of the same in the partnership deed.

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Rajiv Kaicker

Rajiv Kaicker (Querist)
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06 June 2010 What about acceptance of deposits from shareholders and directors in a public company ?

Rajiv Kaicker

Rajiv Kaicker (Querist)
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07 June 2010 My question is regarding the ceiling limit on deposits from shareholders and directors in a closely held public company.Are the limits under category I and Category II interchangeable ?

Rajiv Kaicker

Rajiv Kaicker (Querist)
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07 June 2010 My question is regarding the ceiling limit on deposits from shareholders and directors in a closely held public company.Are the limits under category I and Category II interchangeable ?

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