Companies act 2013

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TARIQUE RIZVI (Querist)
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05 October 2016 In fy 2013-14 when as per the companies act 2013 all the pvt ltd companies were restricted to borrow funds from outside, son of the director of a pvt ltd company became a share holder of the company and after that the said pvt ltd company borrowed funds from the said share holder. Whether it was one kind of violation of companies act 2013 ?

Pratik Shah

Pratik Shah (Expert)
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15 October 2016 What is the date on which Company borrowed funds from Son?

TARIQUE RIZVI

TARIQUE RIZVI (Querist)
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16 October 2016 On 14th December 2013 the pvt ltd company has borrowed funds from the son of the director of the said pvt ltd company

Pratik Shah

Pratik Shah (Expert)
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17 October 2016 As on 14th December, 2013, Section 58A was applicable. As per Section 58A and its corresponding rules, money received by Private Company from its Directors, Directors' relatives and Members shall not be considered as "Deposits" for the purpose of Companies Act 1956.

Further, as per Circular dated 30th March, 2015, MCA has clarified that Money received by Private Companies before 01st April, 2014 from Directors, Members and relatives of directors shall not be considered as "Deposit".

Hence, there is no violation in your case.

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