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Loan/deposits

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(Querist)
28 March 2018 If private company Accept loan form director or relative of director or shareholder,more than 100% of paid up share capital and Free reserve/Security premium then such amount will cover in loan or deposits?
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CS Mitesh Mehta

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CS Mitesh Mehta (Expert)
28 March 2018 Where money accepted from members exceeds 100% of the Paid up share capital and free reserves will be treated as deposit.

the amount received from the Director/relatives of directors has been excluded from the purview of definition of ‘deposits’.if the Director/relative of directors give the amount out of his own sources and not borrowed funds and give a certificate to that effect to the company. In such a case a company may accept loans from directors without interest too
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