As per the new companies act 2013 the difinition of private company as per section 2 (68) removes the clause d of the section 3 (1) (iii) of Companies Act 1956, whether removal of clause d means not prohibiting acceptance of deposits from persons other than directors. Please clarify
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Acceptance of deposits by private company
Replies (1)
Private companies will still be prohibited from accepting deposits from such persons u/s 73 and 76 (yet to be notified), even though their articles may not contain such restriction.
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