acceptance of deposit by pvt company
Varun Patel (11 Points)
30 May 2017
what is the quantum of deposits which a pvt company can accept from its directors and members????
Varun Patel (11 Points)
30 May 2017
Shashikant Sharma
(Company Secretary )
(1253 Points)
Replied 31 May 2017
A company can accept from its directors in form of unsecured loan without any limit. However, the direcor has to give a decleration that the money is from his own sources and not borrowed.
In case of shareholders limit is equal to paid-up share capital and free reserve.
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