Faqs on companies act 2013 by icsi

It is difficult to digest a few answers given by ICSI. For example, answer to Q.7 says that deposit taken from a director who is also a member will not be exempt from deposit. This does not seem to be intention of law. Rule 2(1)(c)(viii) does not state that it will not apply to a director who is also a member. If this stand is taken by us, even deposit taken from another company who is also a member will also not be exempt from deposits. Similarly, loan taken from promoters as per Bank's stipulation will also not be exempt because promoters may also be shareholders

Agree with you sir 

Agreed sir  ,

even the point  no.35 ( last 3 lines of answer) of Cost auditor .although the issue is reloved but if this would have come prior to clarification of cost auditor by MCA  ,i am sure it would have added to our confusion .