Counsel
Ask an expert!
Legal, accounting and compliance advice from qualified professionals.
Under Companies Act 2013 the loan from the member of the company is accepted. But, there is one catch, that is a private limited company can accept deposits from its members up to 100% of its paid-up capital and Free Reserves & Securities Premium account provided it files with the Registrar information about such acceptance.
Procedure to ...
W Network
caI am the founder and director of a private limited company that is 8 months old. As such the startup has not generated revenue reason being we are still working on the product development front. To raise an additional capital, I am planning to accept investments from 4 investors who are my friends too. The amount that they look to invest is INR 3L-5L per person, in exchange for shares in the company. I would like to understand the legal procedures involved in recording such investments and relevant things to note and execute.
-
W Network
caUnder Companies Act 2013 the loan from the member of the company is accepted. But, there is one catch, that is a private limited company can accept deposits from its members up to 100% of its paid-up capital and Free Reserves & Securities Premium account provided it files with the Registrar information about such acceptance.
Procedure to carry out acceptance of deposit from members of the company:
1. Hold a Board Meeting for proposing acceptance of a fixed deposit.
2. Get approval of the shareholders for the said proposal.
3. Hold special or ordinary resolution for authorizing the Board of Directors to accept the deposits.
4. File a copy of such resolution within 30 days o the date of passing the resolution with the Registrar of Companies.
In case you need any assistance in legal or accounting or secretarial services, things can be consulted and delivered seamlessly on Wazzeer platform -> "Get Started!"
almost 3 years ago
View answer
I am the founder and director of a private limited company that is 8 months old. As such the startup has not generated revenue reason being we are still working on the product development front. To raise an additional capital, I am planning to accept investments from 4 investors who are my friends too. The amount that they look to invest is INR 3L-5L per person, in exchange for shares in the company. I would like to understand the legal procedures involved in recording such investments and relevant things to note and execute.
-
W Network
caUnder Companies Act 2013 the loan from the member of the company is accepted. But, there is one catch, that is a private limited company can accept deposits from its members up to 100% of its paid-up capital and Free Reserves & Securities Premium account provided it files with the Registrar information about such acceptance.
Procedure to carry out acceptance of deposit from members of the company:
1. Hold a Board Meeting for proposing acceptance of a fixed deposit.
2. Get approval of the shareholders for the said proposal.
3. Hold special or ordinary resolution for authorizing the Board of Directors to accept the deposits.
4. File a copy of such resolution within 30 days o the date of passing the resolution with the Registrar of Companies.
In case you need any assistance in legal or accounting or secretarial services, things can be consulted and delivered seamlessly on Wazzeer platform -> "Get Started!"
almost 3 years ago
Looking to hire a professional from our handpicked community?
Explore our services, submit your request and let us do the rest for you.