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Acceptance of Deposit
Corporate & Other Laws
Maam as per the law the acceptance of deposit from a private company can not be treated as a deposit of the documents are placed that the amount so invested is not borrowed But the answer states it differently
Answers (10)
Thread Starter
aman kawadIn image and in it in reader
Loan by director not out of borrowing is not a deposit. Same is stated in both images. Please elaborate the query
Ma'am in the explanation of rule 2 (1 ) c of acceptance of deposit rules it states those items which are not treated as deposit and in the point 2(1)vii it states that loans from director of a PRIVATE COMPANY ONLY but in the question it states a public company and the adjustment is done as to a private company. A public company can only take amount from director if there is a stipulation from a financial institutions or banks or NBFC but nothing is mentioned like that in the question
Thread Starter
aman kawadMa'am in the explanation of rule 2 (1 ) c of acceptance of deposit rules it states those items which are not treated as deposit and in the point 2(1)vii it states that loans from director of a PRIVATE COMPANY ONLY but in the question it states a public company and the adjustment is done as to a private company. A public company can only take amount from director if there is a stipulation from a financial institutions or banks or NBFC but nothing is mentioned like that in the question
Provision is clear that it has to be a private company. The Answer to the Question of polestar traders is incorrect. Which book is this?
Thread Starter
aman kawadIs my objection correct
You are right. Book is wrong. Book is probably considering the provisions prior to the amendment.
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