Menu
Acceptance of deposits from director
In case of a Private Limited Company,
Co. has accepted Loan from Director before Commencement of Companies Ac, 2013.
Now, after 1st April, 2014, he is not a director and company is not a position to refund back loan amount.
Now , will that be considered as non compliance of Companies Act, 2013?
If yes, what are the consequences and what are penal provisions?
Is there any remedy available to company by filing certain forms to ROC?
What are such forms?
Replies (2)
Hi, Thsi may be useful for you.
https://www.mca.gov.in/Ministry/pdf/General_Circular_5-2015.pdf
https://www.compliancesupport.in/deposits-under-companies-act-2013/
Yes. As per the said circular of MCA, it was not considered as deposit under the Companies Act, 2013 and therefore it is not a non compliacnes of the Companies Act, 2013 since the amount was accepted from the director under the Companies Act, 1956 which was not used to be conseidered as deposits. However the same was required to be disclosed in the financials statements by th companies concerned.
Recent Topic
- GTA Annexure V Non Compliance
- Calculation of Demand due to interest u/s 220(2)
- Legal profession business code in section 44ADA
- Whether Indexed Capital Loss Can Be Claimed Under
- Form 145 and 146 Foreign Remittance in Excel Forma
- E invoice missed out/not generated for FY2025-26
- Can a broker's software legally override actual po
- Startup exit in Sept 2025: Can I still save LTCG t
- Need advice
- GST registration
Related Topics
CAclubindia
