Any company can   accept amount from a person who is its director at the time of receipt of the   amount out of his own funds or from the existing Directors. For this purpose,   the director will have to submit a declaration with the Company that amount   is not being given out of funds acquired by him by borrowing or accepting   loans or deposits from others. Such amount are not deposits as   per Companies (Acceptance of Deposit) Rules, 2014. For more details visit our blog : https://bit.ly/3hBsKO6