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Sec 73

Corporate & Other Laws

In deposit negative list, Any amount received from Director shall not be treated as deposit. In sec 73 video explain, If a member and director need to deposit following conditions shall be satisfied. Given note is only mention Member. Not Director. But madam mentioned the Directors too. I have a doubt on that, So actually director can deposit ? By following sec 73 conditions ?

AKHIL KOSHY

CA Final

★ 7K+

26-Apr-20 19:40

408

Answers (3)

Depositor and eligible company section too

Thread Starter

AKHIL KOSHY

CA Final

★ 7K+

26-Apr-20 19:48

Monies received from directors shall not be considered deposits IF WRITTEN DECLARATION is given by such director that such amount is not acquired by borrowings (Rule 2 of Companies (Acceptance of Deposits) Rules, 2014) Otherwise, monies received from directors (without declaration) shall be treated as deposits. & Where such directors are also members, section 73 shall apply.