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Unsecured loans

Shailesh (director) (38 Points)

31 August 2014

We have unsecured loans from private companies on our Pvt Ltd company to the tune of 60 lacs. Can this be treated as deposits under the new law. Do we need to repay this under the new company guidelines by 2015. Can they attach our personal properties.

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9 Replies

Pankaj (Student CA Final ) (52 Points)
Replied 31 August 2014

Yup. It is treated as Deposits.

Shailesh (director) (38 Points)
Replied 31 August 2014

Thank you so much. Is there a law that we need to repay these unsecured loans by 2015. And what if we are unable to make these payments. Can they attach our personal properties.

Gagan Deep Singh (CHARTERED ACCOUNTANT) (1190 Points)
Replied 31 August 2014

It will not be treated as deposits bcoz as per deposit rules any loan accepted from body corporate will not be treated as deposit. Pvt ltd cos included in the definition of body corporate. You may refer to definition of deposit under deposit rules. It will clarify you.

Shailesh (director) (38 Points)
Replied 31 August 2014

Ok. Thank you so much sir

Vandana J Doshi (Practising Company Secretary) (12562 Points)
Replied 01 September 2014

Inter corporate loans will not be treated as deposits......check deposits rules for the same.......

Shailesh (director) (38 Points)
Replied 01 September 2014

Thank you so much.

Shailesh (director) (38 Points)
Replied 01 September 2014

Dear Vandana, As per the new company guidelines we have to submit details of all deposits with the Roc and we should repay within 1 year from now. Is the same case with unsecured loans.

Sourabh (Partner) (27 Points)
Replied 01 September 2014

Shailesh you don't need to file any return (details) to roc as intercorporate deposit are exempt from deposit's defenition.

Shailesh (director) (38 Points)
Replied 13 January 2015

We have intercorporate loans to the tune of 60 lacs. The loans have been given by a private ltd company to a Pvt ltd company. Directors have withdrawn some funds as monthly withdrawals over 3 years. The company is in loss. Can the companies attach directors personal assets to recover the loans.