Acceptance of deposits from director
Dhruv Sanghavi (CA) (21 Points)
16 June 2017Dhruv Sanghavi (CA) (21 Points)
16 June 2017
CA Mayur Todmal
(Practicing CA)
(7645 Points)
Replied 16 June 2017
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/
Mr. Vivarth Dosar
(Partner at SV Dosar & Associates Company Secretaries)
(163 Points)
Replied 16 June 2017
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.