Deposit from member who is also director

Private Companies are eligibele to take deposit from Mebers upto 100% of the paid up share capital and free reserves without complying with the condition of deposits via notification dated 5th june 2015 and also private Company can take loan from director or relatives of the directors without complying any limit provided such director shall file the declaration that laon has been given by directors or relatives from their personal funds and not borrowing from banks via notification dated 15th Septenber 2015. If both the director and shareholders are same , then it can give loan either in the capicity of directors or in capicity of shareholders. but if he is giving in capacity of shareholder in excess of 100% of paid up share capital and free reserves then provison of deposits shall be applicable otherwise not.

Thanks Mr. Jatin....