Query regarding return of deposits by companies

MCA 408 views 1 replies

As per Section 74 of companies Act 2013, any company which has accepted deposits are supposed to file Return of such deposits by 30th june 2014.

However I am really confused as to whether the new provisions prohibit acceptance of deposits even by Directors as well as shareholders or what? I read on various websites that Director's deposits are acceptable however on reading the provisions, there is no such clear mention. It does mention advances from promoters, employees (till the limit of annual salary, what if no salary is paid to director??) etc.

So in what cases is loan from director exempt? or is it not exempt? June 30th is the last date.

Thanks.

Replies (1)
Loan from director does not fall within difinition of deposit only if loan is given by director out of own fund not borrowed fond. June 30 is last date for filling form dpt 4 - detail of deposit as on 31-03-2013


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