Deposits - Private Company
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 July 2010
The Companies Act, 1956 amended effective December 2000 stipulated that existing private companies are restricted from acceptance of deposits from the public.However,Rule 2 clause (b), sub-clause (ix) of the Companies (Acceptance of Deposits) Rules, 1975 permits:
" any amount received from a person who, at the time of the receipt of the amount, was a director of the company or any amount received from a relative of a director or its member by a private company "
The question is whether Private Companies formed prior to this amendment,are required to amend the Articles with regard to the restriction to invite deposits from the public ?
Regards,
Rajiv Kaicker
" any amount received from a person who, at the time of the receipt of the amount, was a director of the company or any amount received from a relative of a director or its member by a private company "
The question is whether Private Companies formed prior to this amendment,are required to amend the Articles with regard to the restriction to invite deposits from the public ?
Regards,
Rajiv Kaicker
05 July 2010
Yes, Private Company is required to amend its Articles and inseert the amended clause.
05 July 2010
yes co. has to alter because now no private company can accept public deposit
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 August 2010
A clarification is required in respect of deposits in a Private Company.Does the word relative mean a relative of Directors or Shareholders or both?
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