Public deposit

Sec.74 will apply in such a case and the amount  needs  to be refunded.  Sec.74 does not say 'deposit as defined in earlier company law'.  Hence for the meaning of 'deposit' we will have to refer only CA 2013 and Rules framed thereunder, according to which loan from shareholders is a deposit.

Thanks Mr. P C Agrawal Sir, now its clear in case of loans from shareholders. But what about in case of share application money. New Act gives us 60+15 days time limit to repay the such money. Do we have such time limit in this case?

Views of all experts are solicited.

Yes Sourabh,

Since the provisions relating to share application have been made effective from 01/04/2014, so in my view, all share application money pending as on 31.03.14, have to be allotted or refunded within the time limit specified.