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

Comments

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N K GOEL AND BROS.

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