Deposit as per new companies act

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Querist : Anonymous

Querist : Anonymous (Querist)

21 November 2014 Hi,

A pvt. Ltd company had taken loan from its Shareholder. They issued a cheque to the shareholder for repayment of loan on 31/03/2014. The cheque had not been deposited by the shareholder till 3/9/2014. It has now been cleared by fresh issue and deposit of freshly issued cheque. Does this require any qualification for 2013-14 audit report

gbalakrishnan

gbalakrishnan (Expert)
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22 November 2014 you know the banking regulation Act. If cheques are valid only for three months or 6 months only from the date of issue of cheque by any, be it even PM or FM..same rule applies to any company in india.

if that cheque is paid after 6 months there is some problem somewhere,check with our banker of the relevant cheque you issued. if they cleared how they cleared that you shd know.without that information,any action by you irregular . regads

Querist : Anonymous

Querist : Anonymous (Querist)

22 November 2014 I think you completely misunderstood the query. As already mentioned Cheques were reissued & then cleared.

My query is loan taken from shareholder was returned by a cheque on 31/03/2014. This cheque was open in the bank reconciliation statement on date of signing of balancesheet. The company did not file DPT-4 because as per them they had repaid the deposit, but shareholderr had not deposited the cheque issued by the company ----Will this require any qualification in the audit report

gbalakrishnan

gbalakrishnan (Expert)
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22 November 2014 qn uestion arises here.. the cheque is still open in r.statement... deposit repaid... so there is either very big error somewhere or fraud that need to be examined before any further action under DPT-4

Querist : Anonymous

Querist : Anonymous (Querist)

22 November 2014 Have checked...there is no fraud.....the shareholder forgot to deposit the cheque. Now it has been done and the money has actually been transferred from companies bank account to shareholders bank account. However, my question is that if it is open in bank reconcilation on the date of signing of balancesheet is DPT-4 required. On 31/03/2014 the loan account was debited and the bank credited so in balancesheet there is no loan from shareholder outstanding, but the same amount is open in bank recon statement

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