accept deposits from it's members
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Shiriti /
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12-Apr-2018 04:35 AM /
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A Private Limited company wants to accept deposits from it's members/shareholders up to 100% of Paid up Capital & Free Reserves.
Exemption notification dated 5.6.2015 has exempted Private companies from compliance with section 73(2)(a) to section 73(2)(e). However, there is no exemption from 73(2)(f). Questions:
1. How the security for deposits is to be created? Whether a trust is to be created? Kindly elaborate with relevant law/Rule. What are the compliance involved?
2. Whether members (who is not a director) can lend to the company out of borrowings? Loans/deposits from directors are not permitted out of borrowings.
3. Whether directors' relative can lend out of borrowings to a Private limited company?
4. Where a member has borrowed at say 10% and has lent to the company @ 10% or more, Can such a member in his personal income tax return, set off interest expenditure against interest income?
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