Deposits from directors and members allowed with declaration; added small depositor disclosures and Regional Director enforcement. The amendment permits private companies to accept amounts from persons who are directors, relatives of directors or members if the giver furnishes a written declaration that the funds are not obtained by borrowing or acceptance from others. It requires disclosure of the number and amount due to small depositors in default and any waiver of interest on such deposits, and inserts rule 11A authorising the Regional Director to make complaints under sub-section (2) of section 58AAA.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deposits from directors and members allowed with declaration; added small depositor disclosures and Regional Director enforcement.
The amendment permits private companies to accept amounts from persons who are directors, relatives of directors or members if the giver furnishes a written declaration that the funds are not obtained by borrowing or acceptance from others. It requires disclosure of the number and amount due to small depositors in default and any waiver of interest on such deposits, and inserts rule 11A authorising the Regional Director to make complaints under sub-section (2) of section 58AAA.
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