| Manish Buchasia / M. S. Buchasia & Associates | |||
| (Practising Company Secretaries) | |||
| 410, "SATYAM MALL" Nr Kameshwar School, Opp Samman, | |||
| Jodhpur, Satellite , Ahmadabad -380015, Gujarat | |||
| cs @ buchasia.com manishbuchasiacs @ gmail.com | |||
| (M) 09898055367 (O) 079-40030098, 30023620 | |||
| Exempted Deposit Under Companies Act 1956 58A / Deposit Rule | |||
| Unsecured Loan From / Deposit From / Rule 2 Clause IX of the Companies (Acceptance of Deposits) Rules, 1975 provides that the term deposit does not include: | Private Limited | Public Limited | |
| Director | Yes | Yes | |
| Company to Company (Inter Corporate Deposit) | Yes | Yes | |
| Shareholder | Yes | No | |
| Director Relative | Members of a Hindu undivided family (Dept Guidelines Wider Term Then Coparceners include all female Members) | Yes | No |
| Director Relative | husband and wife’ | Yes | No |
| Director Relative | 1. Father. | Yes | No |
| Director Relative | 2. Mother (including step-mother) | Yes | No |
| Director Relative | 3. Son (including step-son). | Yes | No |
| Director Relative | 4. Son’s wife. | Yes | No |
| Director Relative | 5. Daughter (including step-daughter). | Yes | No |
| Director Relative | 6. Father’s father. | Yes | No |
| Director Relative | 7. Father’s mother | Yes | No |
| Director Relative | 8. Mother’s mother. | Yes | No |
| Director Relative | 9. Mother’s father. | Yes | No |
| Director Relative | 10. Son’s son. | Yes | No |
| Director Relative | 11. Son’s Son’s wife. | Yes | No |
| Director Relative | 12. Son’s daughter. | Yes | No |
| Director Relative | 13. Son’s daughter’s husband. | Yes | No |
| Director Relative | 14. Daughter’s husband. | Yes | No |
| Director Relative | 15. Daughter’s son. | Yes | No |
| Director Relative | 16. Daughter’s son’s wife. | Yes | No |
| Director Relative | 17. Daughter’s daughter. | Yes | No |
| Director Relative | 18. Daughter’s daughter’s husband. | Yes | No |
| Director Relative | 19. Brother (including step-brother). | Yes | No |
| Director Relative | 20. Brother’s wife. | Yes | No |
| Director Relative | 21. Sister (including step-sister) | Yes | No |
| Director Relative | 22. Sister’s husband. | Yes | No |
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Exempted Deposit U/s 58A & Deposit Rules
Replies (4)
very nice file...
Thanks for sharing....
Dear Manish
"Rule 2(b) (ix) reads as follows - any amount received by a private company from a person who, at the time of the receipt of the amount, was a director, relative of director or member:
Provided that the director or member, as the case may be, from whom money is received, furnishes to the company at the time of giving the money, a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting from others"
I have a doubt here....Whether relative of a member is also covered under this rule, or is this confined to relative of director..
Regards
Aditya
Only Directors Relative is Covered
No Relative of Shareholder
cs @ buchasia.com
nice work.....................please confirm whether loan from firm in which director is partner in case of public ltd. company is deposit or not
and further pls confirm loan from director who is also a member in public limited company whether exempt or not
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