Dear All,
Can a Director/Shareholder invest in a company by way of Share application from funds borrowed by them in a private limited co.
As per Deposit rules definitions 2(b) (ix)deposit means "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"
Thus this covers the share application money given by Director from funds borrowed by them
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