Circular

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CA Deepak P. Agrawal (Querist)
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13 February 2010 Can anybody give me the text of Circular No. 1/80(1/1/80-CL-V and 7/33/78-CLX) dated 04/05/1980. on company law.
I will be very greatfull.
Regards

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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16 February 2010 deepak ji,
CIRCULAR NO. 1/80[1/1/80-CL-V AND 7/33/78-CL-X], DATED 4.5.1980.

WHETHER AMOUNTS RECEIVED BY PRIVATE COMPANY FROM ITS DIRECTORS AND SHAREHOLDERS, ARE SUBJECT TO LIMITS SPECIFIED IN RULE 3 - QUERY : AS PER RULE 2(B) (IX), ANY AMOUNT RECEIVED FROM A PERSON WHO, AT THE TIME OF RECEIPT OF THE AMOUNT, WAS A DIRECTOR OF THE COMPANY OR ANY AMOUNT RECEIVED BY A PRIVATE COMPANY FROM ITS SHAREHOLDERS, SHALL NOT BE TREATED AS DEPOSITS FOR THE PURPOSE OF SECTION 58A. IN VIEW OF DOUBTS AS TO THE EXACT SCOPE AND APPLICATION OF RULE 3(2)(I), IT MAY BE CLARIFIED AS TO WHETHER A PRIVATE COMPANY WHICH ACCEPTS DEPOSITS ONLY FROM ITS DIRECTORS AND SHAREHOLDERS WOULD HAVE TO COMPLY WITH THE LIMIT OF 15 PER CENT LAID DOWN IN RULE 3.

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