Deposits

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Sony Sarkar

Company Secretary

53 Points Joined April 2011

A relative of Director and who is also a shareholders of Co. XYZ, gives loan to the Co.XYZ..... does this account for deposits?? Co. XYZ being a pvt. co,

Replies (4)

Pratik Shah

Practising Company Secretary

4432 Points Joined October 2014

No..it shall not be considerd as Deposit, if such loan has been given on or after 15th September, 2015.

As per acceptance of deposit rules, read with amendment dated 15 September 2016, A company can accept unsecured loan from director and relative of Director provided such relative or director shall file declaration that funds have been given on personal basis and not from borrowing from third party or bank.

further relative of such Director shall not be the shareholder of the Company.if he is the shareholder of the company , then the aforsaid provisions is not applicable.otherwise it shall be treated as deposits

Pratik Shah

Practising Company Secretary

4432 Points Joined October 2014

I do not agree to Jatin Bajaj. Even if relative of director is Shareholder of a Company. an amount received from him will still not be considered as Deposit.

CS Arjun Rajagopal

B.com ACS

1056 Points Joined August 2011

agree with learned member. As per MCA notification dt 05.06.2015 Pvt comps are exempted from provisions of sec 73 and they can accept deposits from shareholders upto 100% of PSC+F.R and the company shall file the details of monies so accepted with ROC.

Originally posted by : Pratik Shah
	I do not agree to Jatin Bajaj. Even if relative of director is Shareholder of a Company. an amount received from him will still not be considered as Deposit.