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of <h1>Private companies taking deposits from directors/shareholders are exempt from 15% limit per Rule 3, Companies (Acceptance of Deposits) Rules.</h1> A private company that accepts deposits solely from its directors and shareholders is not required to comply with the 15 percent limit specified in rule 3 of the Companies (Acceptance of Deposits) Rules, 1975. According to rule 2(b)(ix), such amounts are not considered deposits for the purposes of section 58A, thus exempting these transactions from the specified limits. The circular clarifies this provision to address any uncertainties regarding the application of rule 3(2)(i) to private companies in this context.
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