Unsecured loans recieved from relatives of director
This query is : Resolved
Swaraj Kumar
(Querist)
06 January 2015
I read an article in which i saw that a pvt ltd company cannot take unsecured loans from relatives of director.
My query is what will be the impact if company already recieved loan before applicability of Co Act 2013.
My query is what will be the impact if company already recieved loan before applicability of Co Act 2013.
CS Mitesh Mehta
(Expert)
06 January 2015
Under New Company law, loan received by companies (both Public & Private) from shareholders or relatives of director’s will be considered as deposits.
if the private companies have any loan received from any person other than director then they have to file a statement with the Registrar within 31st AUGUST 2014 in Form DPT-4. Such companies shall also repay the dues on or before 31.03.2015 or on due date of repayment, whichever is earlier.
if the private companies have any loan received from any person other than director then they have to file a statement with the Registrar within 31st AUGUST 2014 in Form DPT-4. Such companies shall also repay the dues on or before 31.03.2015 or on due date of repayment, whichever is earlier.
Swaraj Kumar
(Querist)
07 January 2015
Will any penal provision attracts if company didn't file DPT-4 and loan is not repaid before 31/03/2015
CS Mitesh Mehta
(Expert)
07 January 2015
Section 73(2) read with Rule 21 of (Acceptance of Deposits) Rules, 2014
The company and every officer of the company who is in default shall be punishable
with fine which may extend to five thousand rupees and where the contravention is a continuing one, with a further fine which
may extend to five hundred rupees for every day after the first day during which the contravention continues.
The company and every officer of the company who is in default shall be punishable
with fine which may extend to five thousand rupees and where the contravention is a continuing one, with a further fine which
may extend to five hundred rupees for every day after the first day during which the contravention continues.
Swaraj Kumar
(Querist)
07 January 2015
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