Deposits - Private Company
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 July 2010
The Companies Act, 1956 amended effective December 2000 stipulated that existing private companies are restricted from acceptance of deposits from the public.However,Rule 2 clause (b), sub-clause (ix) of the Companies (Acceptance of Deposits) Rules, 1975 permits:
" any amount received from a person who, at the time of the receipt of the amount, was a director of the company or any amount received from a relative of a director or its member by a private company "
The question is whether Private Companies formed prior to this amendment,are required to amend the Articles with regard to the restriction to invite deposits from the public ?
Regards,
Rajiv Kaicker
" any amount received from a person who, at the time of the receipt of the amount, was a director of the company or any amount received from a relative of a director or its member by a private company "
The question is whether Private Companies formed prior to this amendment,are required to amend the Articles with regard to the restriction to invite deposits from the public ?
Regards,
Rajiv Kaicker
05 July 2010
Yes, Private Company is required to amend its Articles and inseert the amended clause.
05 July 2010
yes co. has to alter because now no private company can accept public deposit
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 August 2010
A clarification is required in respect of deposits in a Private Company.Does the word relative mean a relative of Directors or Shareholders or both?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
