How to disclose unsecured loans received from a friend of a director of a private company in the DPT 3 form.
Replies (4)
Guest
Loans from friends of directors is not an exempted deposit. Hence it cannot be disclosed in DPT-3 under the head "Particulars of transactions by a company not considered as deposit". Private companies are not allowed to take deposits from the public.
What to do if person without knowing accept payment from someone else.
Guest
If the Company show it in their books of accounts, it is a violation of the Act. Any loan from friend should be provided to the director and make it his personal debt not that of the company.
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