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Acceptance of Deposits

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(Querist)
12 December 2009 A Public Company has accepted an unsecured loan from a Director. What compliances should the Company follow now? What reporting should the CS give in the Compliance Certificate if no compliances have been made as yet.
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Rasesh

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Rasesh (Expert)
12 December 2009 Deposits from Directors fall under the category of exempt deposits.

Compliance to be followed:
1) Certificate from Director that the funds are not borrowed and are his own funds.
2) In the Balance Sheet show the loan under the Unsecured Loanss - Loans from Director category.
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Ankur Garg

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Ankur Garg (Expert)
14 December 2009 Disagree with Expert.

If a Public Company has accepted an unsecured loan from a Director the same would be treated as public deposit.

If a private Company accepted an unsecured loan from a Director then the same is exempt.
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