Exempted Deposit U/s 58A & Deposit Rules

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Practising Company Secretary
306 Points Joined September 2008
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
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On 06 May 2011 at 17:20 Report
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Company Secretary & Compliance Officer
17858 Points Joined November 2008

very nice file...


Thanks for sharing....

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On 06 May 2011 at 17:26
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CS
38 Points Joined May 2009

Dear Manish

"Rule 2(b) (ix) reads as follows -  any amount received by a private company from a person who, at the time of the receipt of the amount, was a director, relative of director or member:

Provided that the director or member, as the case may be, from whom money is received, furnishes to the company at the time of giving the money, a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting from others"

 I have a doubt here....Whether relative of a member is also covered under this rule, or is this confined to relative of director..

Regards

Aditya

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On 07 July 2011 at 14:08
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Practising Company Secretary
306 Points Joined September 2008

Only Directors Relative is Covered

No Relative of Shareholder

cs @ buchasia.com

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On 07 July 2011 at 14:12
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study study n study
147 Points Joined February 2011

nice work.....................please confirm whether loan from firm in which director is partner in case of public ltd. company is deposit or not

and further pls confirm loan from director who is also a member in public limited company whether exempt or not

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On 08 July 2011 at 10:42


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