29 December 2015
MCA vide notification dated 15 September, 2015 has amended the Companies (Acceptance of Deposits) Rules 2014. As per this notification, the acceptance of deposits from relatives of Directors has been exempted for Private Ltd. Companies. So what will be the consequences if the deposits from relatives of Directors have been accepted before 15 September, 2015?
29 December 2015
Those deposits will still be considered as Violation of provisions of Companies Act 2013. Because this amendment can not have retrospective effect unless they specifically mention it.
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