If a director has taken loan from bank. And such director has given such amount of loan to its private limited company
Whether this transaction shall be treated as DEPOSITS FROM PUBLIC as per companies act 2013…?
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Yes , As per Rule 2 [C] clause (viii) of chapter 5 ,quotes : "loan can be accepted only from director subject to the declaration that it is not out of borrowed fund " as per your question, such loan given out of borrowed funds of director is out of exclusion specified under deposit definition [ Rule 2 C ] Therefore it will be treated as deposit and DPT-4 has to file before 30.06.14
Thanks Rohan...will you please clarify that whether such restriction of accepting deposits apply to all companies or only to pvt cos...
It shall apply to a company other than -
(i) a banking company;
(ii) a non-banking financial company
(iii) a housing finance company and
(iv) a company specified by the Central Government under the proviso to sub-section (1) of section 73 of the Act.
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