Exempted Deposit U/s 58A & Deposit Rules

Manish Buchasia PCS Ahmedabad (Practising Company Secretary)   (306 Points)

06 May 2011  
Manish Buchasia / M. S. Buchasia & Associates     
(Practising Company Secretaries)    
410, "SATYAM MALL" Nr Kameshwar School, Opp Samman,    
Jodhpur, Satellite , Ahmadabad -380015, Gujarat    
cs @ buchasia.com   manishbuchasiacs @ gmail.com    
(M) 09898055367 (O) 079-40030098, 30023620     
Exempted Deposit Under Companies Act 1956 58A / Deposit Rule
Unsecured Loan From / Deposit From / Rule 2 Clause IX of the Companies (Acceptance of Deposits) Rules, 1975 provides that the term deposit does not include: Private Limited Public Limited
Director Yes Yes
Company to Company (Inter Corporate Deposit) Yes Yes
Shareholder Yes No
Director Relative Members of a Hindu undivided family (Dept Guidelines Wider Term Then Coparceners include all female Members) Yes No
Director Relative husband and wife’ Yes No
Director Relative 1. Father. Yes No
Director Relative 2. Mother (including step-mother) Yes No
Director Relative 3. Son (including step-son). Yes No
Director Relative 4. Son’s wife. Yes No
Director Relative 5. Daughter (including step-daughter). Yes No
Director Relative 6. Father’s father. Yes No
Director Relative 7. Father’s mother Yes No
Director Relative 8. Mother’s mother. Yes No
Director Relative 9. Mother’s father. Yes No
Director Relative 10. Son’s son. Yes No
Director Relative 11. Son’s Son’s wife. Yes No
Director Relative 12. Son’s daughter. Yes No
Director Relative 13. Son’s daughter’s husband. Yes No
Director Relative 14. Daughter’s husband. Yes No
Director Relative 15. Daughter’s son. Yes No
Director Relative 16. Daughter’s son’s wife. Yes No
Director Relative 17. Daughter’s daughter. Yes No
Director Relative 18. Daughter’s daughter’s husband. Yes No
Director Relative 19. Brother (including step-brother). Yes No
Director Relative 20. Brother’s wife. Yes No
Director Relative 21. Sister (including step-sister) Yes No
Director Relative 22. Sister’s husband. Yes No