Companies (Acceptance of Deposits) from relatives of Directors Permitted

In Private Limited Company Acceptance of Deposits from Relatives of Directors Permitted.

In Private Limited Company Acceptance of Deposits from Director/Relatives of Directors Permitted.

Any amount received from a Peron who, at the time of the receipt of the amount, was a director of the company or a relative of the director of the Private Limited company is permit able under Companies Act, 2013

Provided that the director of the company or relative of the director of the private company, 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 loans or deposit from others and the company shall disclose the details of money so accepted in the Board report.

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