09 May 2011
X CO=PVT CO WHETHER X CO CAN ACCEPT DEPOSITS FROM Y CO [PVT CO] PROVIDED Y CO HAD ALSO TAKEN LOAN FROM OTHERS [SECURED/UNSECURED].
WHICH CLAUSE WILL APPLY 2[IV] OR 2[IX] OR NO CLAUSE OF ABOVE RULES I.E. DIRECTLY EXEMPTED B/C OF DEF U/S 3 OF COMPANIES ACT . WHETHER THIS CLAUSE-ICD HVBEEN DELETED?
WHETHER THE ABOVE SITUATION COMPANIES [ACCEPTANCE OF DEPOSITS] RULES APPLY IF THE Y CO IS MEMBER OF X CO B/C [SEC 3-DEF OF PVT CO]
09 May 2011
X Private Company cannot accept deposits other than its directors or their relatives or members.
However it can avail intercorporate loans from Y Private Company.
Companies (Acceptance of Deposits) Rules exempt any loan received by a company from another company from the term "Deposit". Hence any amount given to X Private Limited by Y Private Limited would not fall under the term "Deposit".
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