Acceptance of loan

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Jayesh (Querist)
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26 May 2015 As per sec.73 restriction of acceptance of deposit(loan) from public including members of company excluding directors if their fnd and certificate.

Issues are;-This sec is applicable from 1-4-14, and clarification received on 30-3-15 from ministry of corporate affairs that amount received prior act is not deposit so need o to return with in year.

My question s in my one of clients company has repaid deposit of its members and also accepted deposit(loan) and repaid during he year. what will be consequences?? How to deal this issues in financial reporting??

Amol S Joglekar

Amol S Joglekar (Expert)
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26 May 2015 Report the facts as to repayment within one year as well as acceptance of deposit after 01/04/2014, as per new Companies Act

Jayesh

Jayesh (Querist)
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27 May 2015 Mr. Amol Sir,

Is it not contravention of section 73 by directors?? What about penalties??

Amol S Joglekar

Amol S Joglekar (Expert)
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27 May 2015 It will surely amount to CONTRAVENTION.

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