Urgent query

Companies Act 2013 643 views 4 replies

Richa

84 Points Posted on 08 January 2015

There is a huge amount outstanding in the Balance Sheet of "A" Pvt. Ltd. as unsecured loan from Directors, relative of directors and from the companies in whihc there is a common directort, but the Company is not in a position to repay that.

I am of the view that these unsecured amount will be treated as Deposit under the Companies Act, 2013 except the loan from Directors. Please suggest the way that we can solve the problem of the Company without repaying the amount with the help of few compliances or what is the last resort to this problem?

Kindly help! Thanks a lot!!

Replies (4)

CS MOHIT SALUJA

PRACTICING CS Jalandhar 9914558709

5155 Points Posted on 08 January 2015

The company must have converted such loan into equity before Applicability of Companies Act, 2013.

If the company has taken loan from banks, or other Financial Institutins, then the Banks might have put a stipulation over company to take unsecured loan from promoters. If, such stipulation is there, then this unsecured laon will not be treated as deposit

P Kumar

CEO

30 Points Posted on 11 January 2015

Same case with me also. My company taken 6 lakh loan from some other company in which there is a common director. I am not able to repay the amount before 31 Mar 2015. Similarly another 9 lakhs loan from 5 different persons/friends.

Suggest me Better Solution.

CS MOHIT SALUJA

PRACTICING CS Jalandhar 9914558709

5155 Points Posted on 11 January 2015

The loan is possible only from Directors. If the person from whom the laon has been taken and is showing on Balance Sheet of the company on 31.03.2014 as loan from Directors, it could be exempted from Definition of Deposits.

Hope you have understood my point which i can not explain here on public portal.

CS GK Murty

Company Secretary

225 Points Posted on 14 January 2015

Section 62(3) of the Act permits to convert unsecured loan into equity if such loan was taken with prior approval from members with an option to do so. Hence, even after the applicability of new Act, there is no issue in this aspect.