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In terms of Section 73 of Companies Act, 2013 read with Rule 2(1)(c)(vii) of Companies (Terms and conditions of acceptance of Deposit) Rules, 2014, deposits do not include receipt of money from Director of the Company, but money received from a member is treated as deposit. In case deposit is taken from a person who is both a director and a member of the Company, will such receipt of money be treated as deposit or not?

Section 73- Prohibition on acceptance of deposits from public.

Posted By: Unnikrishnan p s 10 year(s) ago

This question has been closed if you want to answer,you have to re-open.


Expert    Ankit Singhi

it will assumed to be taken from director and therefore will be exempt from deposits

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