Deposits under new act

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aman (Querist)
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27 September 2014 Dear Experts
as per new companies act, loan from shareholders is considered as deposit. However loan from directors is permitted.
What if directors of company are shareholders too...does loan in this case need to be reported in DPT4???

Thanks In Advance

c.bakshi

c.bakshi (Expert)
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28 September 2014 Dear Aman j,

The first Thing is to notice whether he/she is covered under the meaning of Director or not... if they do cover under the meaning of Director First... then they are eligible... e.g. a newly incorporated co. first they becum director and afterwords become shareholder

aman

aman (Querist)
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29 September 2014 But as on 1 April 2014, they stand in the capacity of both, director and shareholder. Now does this need to be filed to ROC.?

c.bakshi

c.bakshi (Expert)
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29 September 2014 Dear Sir,

In this situation, if he/she stand at the capacity of both as on 01/4/2014, then such details needs not to be reported to ROC in DPT4

aman

aman (Querist)
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29 September 2014 Thanks a lot sir...:-)

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