Acceptance of Deposits
This query is : Resolved
CS Neetu Agrawal
(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.
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.
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.
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.
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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