M Baldeva Associates

Company Secretaries

Acceptance of deposit from relatives of directors of Pvt. Cos

The MCA vide its notification dated 15.09.2015 has relaxed the Deposit Rules to the extent that a private company can accept loan from relatives of its directors, subject to that such person shall give a declaration that the loan is given out of his owned funds and are not from borrowed funds.  Relative need not be a member of the company.

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