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FUND RECEIVED FROM DIRECTOR OF THE COMPANY/A RELATIVE OF THE DIRECTOR OF THE PRIVATE COMPANY

"Deposit" includes any receipt of money by way of deposit or loan or in any other form, by a company, but does not include:

Any amount received from a person who, at the time of the receipt of the amount, was a director of the company or a relative of the director of the Private Company:

Provided that the director of the company or relative of the director of the private company, as the case may be, from whom money is received, furnishes to the company at the time of giving the money, a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others and the company shall disclose the details of money so accepted in the Board's report;".]

VIOLATION OF ABOVE CONDITON:

If the director gives the money out of borrowed funds, it would be a deposit and need to fulfill compliance as per Companies (Acceptance of Deposit) Rules 2014.

Only eligible companies can take such a deposit within the specified limits.

76A. Punishment for Contravention of Section 73 or Section 76.:

76A. Where a company accepts or invites or allows or causes any other person to accept or invite on its behalf any deposit in contravention of the manner or the conditions prescribed under section 73 or section 76 or rules made thereunder or if a company fails to repay the deposit or part thereof or any interest due thereon within the time specified under section 73 or section 76 or rules made thereunder or such further time as may be allowed by the Tribunal under section 73,—

(a) the company shall, in addition to the payment of the amount of deposit or part thereof and the interest due, be punishable with fine which shall not be less than one crore rupees but which may extend to ten crore rupees; and

(b) every officer of the company who is in default shall be punishable with imprisonment which may extend to seven years or with fine which shall not be less than twenty-five lakh rupees but which may extend to two crore rupees, or with both:

Provided that if it is proved that the officer of the company who is in default, has contravened such provisions knowingly or wilfully with the intention to deceive the company or its shareholders or depositors or creditors or tax authorities, he shall be liable for action under section 447.

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