Private Limited Company, incorporated in 2010, has 3 promoters (A,B,C). A & B are the only directors.
Company has taken loans from A & B till FY2013-14 and from C till FY11-12.
Is it mandatory, in new rule, to repay the loan of C, as C is not a Director?
Thanks,
Nothing is specificaly mentioned about previously accepted loan from shareholders before 01.04.2014 [ As, it was allowed ], You may retain it as such.
w.e.f 01.04.2014 , you can not accept any further loan from Mr C [ Who is not a Director ] , But can accept only from A & B [ Directors ] , subject to the declaration that they are out of owned funds.
Deposit for the purpose of sec 74 shall be as per new co act & deposit rules. Such definition states that loan from shareholders, relatives & other individuals who are not directors at the time of giving loan, shall be treated as deposits. The intention of inclusion of sec 74 to new co act is that all deposits as per old act should be identified & reported to ROC by 30th June & repay by 31st March, 2015.
Also note that sec 74 states that deposit as on commencement of this Act i.e. 1st April, 2014, it does not states deposits as on 31st March, 2014. The definition of deposits as on 1.4.2014 should be used.
In the light of the above, let us find out whether the loan from members being directors as on 01.04.2014 is existing or not. If yes, then DPT4 has to be filed by 30.06.2014(extended upto 31.08.2014) and repay the same by 31st March, 2015.
Deposit for the purpose of sec 74 shall be as per new co act & deposit rules. Such definition states that loan from shareholders, relatives & other individuals who are not directors at the time of giving loan, shall be treated as deposits. The intention of inclusion of sec 74 to new co act is that all deposits as per old act should be identified & reported to ROC by 30th June & repay by 31st March, 2015. Also note that sec 74 states that deposit as on commencement of this Act i.e. 1st April, 2014, it does not states deposits as on 31st March, 2014. The definition of deposits as on 1.4.2014 should be used. In the light of the above, let us find out whether the loan from members being directors as on 01.04.2014 is existing or not. If yes, then DPT4 has to be filed by 30.06.2014(extended upto 31.08.2014) and repay the same by 31st March, 2015.
Read more at: /forum/loans-from-promoters-296740.asp#.U7esm5SSz4g
Please correct me if I am wrong at interpretation
"It may be interpreted that , Such unsecured loan as on 31.3.2014 was not deposit , but after New companies Law 2013 , enactment , as per 'Deposit' definition all unsecured loan taken [ from Non-Members / Only Shareholders who are not director ] existed as on 01.04.2014 , will come into definition of deposit and hence we have to file DPT-4 till 31.8.14. "
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