Query for audit report for 2015-16

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Ankur Patel (Querist)

16 March 2015 One of the company which i m handling has made default in taking loan from other than directors though it is repaid during the year so where should i need to report the same in auditor s report as Caro is not applicable in company for which i m asking.

CA Neelam Maheshwari

CA Neelam Maheshwari (Expert)

24 April 2015 MCA circular no 5/2015 dated 30.03.2015 clarified that amounts received by private companies from their members, director's relatives prior to 1st April, 2014 shall be considered as deposits under the Companies Act, 2013 such amounts received by private companies prior to 1st April, 2014 shall not be treated as 'deposits' under the Companies Act,2013 and Companies (Acceptance of Deposits) Rules, 2014 subject to the condition that relevant private company shall disclose, in the notes to its financial statement for the financial year commencing on or after 1st April, 2014 the figure of such amounts and the accounting head in which such amounts have been shown in the financial statement.

CA Neelam Maheshwari

CA Neelam Maheshwari (Expert)

24 April 2015 Now the question is, whether the loan which has been repaid was taken prior to 1st april 2014 ??

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