Exemption ‑ Whether promoter’s contribution can be excluded from definition of ‘deposits’ - Companies Law - Letter : No. 4/6/81‑CL‑X,

Letter : No. 4/6/81 ‑ CL ‑ X, dated 20 ‑ 6 ‑ 1981. Subject:- Exemption ‑ Whether promoter s contribution can be excluded from definition of deposits Blanket exemption to exclude the promoter s contribution (i.e., unsecured loans received by a company in fulfilment of the obligation of the promoters as per stipulation of the financial institutions) from the definition of deposit cannot be accorded. However, the Government can consider giving exemption in individual cases on merit in exercise of powers vested in it under section 58A(8).