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    In Section 73 money received from a member is treated as a deposit

    Posted By : mahimajain / Published on : 02-Feb-2023 07:01 AM / View : 113 / Comment : 0

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    Hello Professionals

    In terms of Section 73 of the Companies Act, 2013 read with Rule 2(1)(c)(vii) of Companies (Terms and conditions of acceptance of Deposit) Rules, 2014, deposits do not include receipt of money from the Director of the Company, but the money received from a member is treated as a deposit. In case the deposit is taken from a person who is both a director and a member of the Company, will such receipt of money be treated as a deposit or not?
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