Discuss and decide with reference to the provisions of the Companies Act, 2013 and the rules made thereunder, whether the following shall be considered as 'deposits' accepted by a private company: (i) A company has taken

Section 2(31) of the Companies Act, 2013 defines "deposit" as it includes any receipt of money by way of deposit or loan or in any other form by a company but does not include such categories of amount as may be prescribed in consultation with the RBI. The provisions regarding the exclusion of any receipt of money from being treated the same as deposit are provided under Rule 2(1)(c) of Companies (Acceptance of Deposits) Rules, 2014. Accordingly: (i) In the given case, the company can receive loan from its director. It is assumed that such director has furnished a declaration in writing to the company that the loan given is from his own funds and not from borrowed money in any way. Then, the said loan would not be treated as deposit since it is specifically excluded vide Rule 2(1)(c)(viii) of the Companies (Acceptance of Deposits) Rules, 2014.