Related-party deposits allowed from directors, relatives or members if accompanied by written declaration that funds are not borrowed. The amendment substitutes clause (ix) in rule 2(b) to permit amounts received from a director, a relative of a director, or from a member by a private company only where the giver furnishes at the time of giving a written declaration that the amount is not sourced from funds acquired by borrowing or accepting from others.
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.
Related-party deposits allowed from directors, relatives or members if accompanied by written declaration that funds are not borrowed.
The amendment substitutes clause (ix) in rule 2(b) to permit amounts received from a director, a relative of a director, or from a member by a private company only where the giver furnishes at the time of giving a written declaration that the amount is not sourced from funds acquired by borrowing or accepting from others.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.