Q1 .
Whether private company can take loan (borrow) from members / promoter shareholders ? (other than director after giving amount not borrowed certificate ?)
Notification 15/09/2015 mentions only director and relatives of directors..
Q2 . If any form filing is pending of event prior to 01/04/2015, (say annual account of 2013-14 ,, )
whether Section 403 will come into force (penalty/prosecution) ? ( as more than 300 days have passed now ?
A1: Every company can borrow money from shareholders provided such amount shall be treated as Deposit as per provisions of Section 73 of Companies Act, 2013 and hence, company needs to follow entire procedure of Section 73/75 of Companies Act 2013.
Further, for private limited, exemption has been given to pvt ltd companies if specified conditions are fulfiled. Please refer notification dated 05th June, 2015.
A2: Yes. Section 403 will come into effect only if comapny does not file Forms with additional fees. Once the forms are filed with additional fees (even after 300 days), ROC can not take action against company under Section 403.
Company received Loan from Director , as unsecured loan can company give interst during the period used loan as per Market rate.
Yes, it can give interest on such loan. However, on a safer side, this term should be incorporated in a document.
CHECKED CIRCULAR OF 05/06/2015
DEPOSIT FROM MEMBERS ..ONLY UPTO 100% OF CAPITAL AND FREE RESERVES,
WITHOUT FOLLOWING REQUIREMENTS ( SUCH AS MINIMUM DEPOSIT RESERVES, ETC).
AND FURTHER THEY HAVE TO FILE SOME FORMS TO GIVE INFO TO ROC.. ( EVEN IF IT IS UPTO 100%)
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SO IF MEMBER'S LOAN/DEPOSIT EXCEEDS 100%.. OTHER REQUIREMENTS TO BE COMPLIED WITH ..... ( MINIMUM LIQUID BALANCE ,REPAYMENT RESERVES,, ETC,,)
IS IT CORRECT ?
Yes. You are correct. The exemption is only for private limited company.
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