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Most of the private limited companies in India being closely held companies do not worry a lot about the compliances related to the companies act, but this could become really serious since the new companies act has lot of penal sections.

This also means a huge opportunity to practitioners (esp. small & medium), instead on complaining about the new act an effort has to be put in to understand the same. Charles Darwin theory “survival of the fittest” is very apt now.

In an attempt to learn the act I am posting a few things that I have come across which may be of use to small &  medium practitioners. In case there is a different view on the same or in case there is an issue in what I have posted kindly let me know. All of us are learning now and this is just the beginning so all views are invited. 

On reading Section 74 there are 3 important things to be noted.

1. Deposits have to be repaid within 1 year

2. Return has to be filed within 3 months from commencement of act.

3. Penalty provision.

Many of us may say that a private limited cannot take deposits in the old companies act as well so there might not be requirement to file the return.

EARLIER STATUS

Deposit does not include loans from shareholders, directors & relative of directors.

CURRENT STATUS

Deposit does not include loans from directors. Meaning loans from shareholders and from relative of directors are deposits.

Hence, all those companies having deposit from the above people have the following alternatives:

1. Make such people directors of the companies

2. Repay the amount within 1 year from the date of commencement of act + file DPT 4 within 30.06.2014.

3. In case both of the above is not possible file with tribunal for permission to pay it on a future date.

Format of DPT 4 is provided by MCA and can be downloaded from this link

http://www.mca.gov.in/MCA21/dca/downloadeforms/eformTemplates/NCA/Form_DPT-4.pdf

DPT 4 is not an electronic form and hence it has to be filed with another form called GNL 2 the same can be downloaded from MCA at the following link

http://www.mca.gov.in/MCA21/dca/downloadeforms/eformTemplates/NCA/Form_GNL-2_help.zip

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Category Corporate Law, Other Articles by - praveen 



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