Tuesday, 15 September 2015

Company law update

MCA amends Companies Deposit Rules to exclude loans from relatives of directors by private company from definition of deposits

Important amendments applicable from 15th September 2015 includes:
• Loans from relatives of directors of a private company only
• Such money should not be out of borrowed funds
• Details of deposits from directors and their relatives to be given in Board Report
• All Limits under rule 3 for accepting deposits to include share premium

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