Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Reg Unsecured loans from directors

215 views

Save Share

raghul selvam rr

8 Points Posted on 15 April 2020

Dear Experts,

Should one intimate to ROC for bringing unsecured loans from directors if so what is the process to intimate the same?

Thanks

Replies (2)

Quick Summary

This discussion clarifies the requirement to inform the Registrar of Companies (ROC) about unsecured loans taken from directors. It confirms that such loans need to be intimated to the ROC, typically through filing Form DPT-3. The advice references relevant sections of the Companies Act, 2013, including Section 179(3)(d) regarding borrowing powers and Section 117 concerning the filing of MGT-14, while also noting that director loans are generally not classified as deposits under Rule 2(c)(viii).

Vaanie Dangi

unemployed

62 Points Posted on 19 April 2020

Yes , one should intimate to roc in DPT 3

Harish choursiya

Student cs professional

249 Points Posted on 19 April 2020

Section 179(3)(d) of the Companies Act, 2013 which says about the Borrowing, here I m assuming loan from director is covered under Borrowing funds.
As per section 117 which mandate to the company for filing MGT-14 TO ROC read with section 117(3)(g).

File DPT-3 TO ROC, the Borrowing/loan from director is covered under rule 2(c)(viii) exception list i.e NOT DEPOSIT.

This is based on my understanding of provision.