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Unsecured loan from Directors
ABC Ltd has accepted unsecured loan from its Directors during the Companies act 1956 regime. The amount as on March 31 2017 has not been repaid. Will this amount be considered as Deposit or not..
Replies (4)
Section 2 (31) of Companies Act, 2013 define deposits as "Deposit includes any receipt of money by way of deposit or loan or in any other form by a company, but does not include such categories of amount as may be prescribed in consultation with the Reserve Bank of India" however when we go through the Companies (Acceptance of Deposits) Rules, 2014, we also get to know Amount received from directors are in the list of exclusions.
Thus in your case Loan whether secured or unsecured from a Director will not be considered as Deposits as per the Comapnies act,2013.
hi I have referred the deposit rules.. In that it's mentioned any amount received from a director of company or relative of director of private company.. kindly confirm are u saying about this only
Yes, is there any other question also you need to ask regarding deposits
Thank you for clairifation
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