RECEIVING OF MONEY FROM THE DIRECTORS under companies act 2013
RECEIVING OF MONEY FROM THE DIRECTORS: : MONEY FROM THE DIRECTORS:
As per Sub rule (viii) Rule52 of Acceptance of Deposits by Companies Rules, 2014, Deposit doesn’t include: Any amount received from a person who, at the time of the receipt of the amount, was a director of the Company.
So as per sub rule (viii) All the Companies including private limited company are allowed to accept loan from the directors of the Company. Condition: Condittion:: Condition: Director 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 deposits from others.