16 June 2011
sir a pvt co. can accept deposits from the relatives of its directors.....could u pls tell me what exactly comes under relatives .and if possible give reference of the sec
16 June 2011
Companies (Acceptance of Deposits) Rules, 1975, (Section 58A)
"deposit" means any deposit of money with, and includes any amount borrowed by, a company, but does not include- 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; * Extracts from the Companies Act, 1956 * Section 2 (41) “relative” means, with reference to any person, any one who is related to such person in any of the ways specified in section 6, and no others: Section 6. Meaning of “relative: A person shall be deemed to be a relative of another, if, and only if, - (a) The are members of a Hindu undivided family; or (b) They are husband and wife’ or (c) The one is related to the other in the manner indicated in Schedule IA.] [ Schedule IA) [See section 6 (c)] List of Relatives 1. Father. 2. Mother (including step-mother) 3. Son (including step-son). 4. Son’s wife. 5. Daughter (including step-daughter). 6. Father’s father. 7. Father’s mother 8. Mother’s mother. 9. Mother’s father. 10. Son’s son. 11. Son’s Son’s wife. 12. Son’s daughter. 13. Son’s daughter’s husband. 14. Daughter’s husband. 15. Daughter’s son. 16. Daughter’s son’s wife. 17. Daughter’s daughter. 18. Daughter’s daughter’s husband. 19. Brother (including step-brother). 20. Brother’s wife. 21. Sister (including step-sister) 22. Sister’s husband.
16 June 2011
sir could u tell me that a loan taken by a pvt. co. from a partnership firm which is a sister concern of the co. comes under the purview of directors relative definition...
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