Loan from HUF - For the Form DPT 3

[Aanchal Chopra]

Dear Member 

There is a Shareholder X. He has granted an unsecured loan to the Company during the year. Additionally, the HUF of the same shareholder "X HUF" has also granted an unsecured loan to the Company during the year. 

Please clarify the following doubts: 

1. Will the above arrangement be considered as an unsecured loan or the acceptance of deposits ? 

2. If yes, what consequences will the Company face if the Company has not intimated the same to the Registrar at the time of obtaining the Loan and what corrective action must be triggered ?

3. Do we need to report such a transaction under the Form DPT-3  

It would be greatly appreciated if you could provide guidance on the above.

regards

CS Aanchal Chopra 

[Shashank Sharma]

Loan taken from shareholders are deposits and no exclusion under deposit rules. upto 100% of paid up capital and free reserves is exempted deposit but for this please file dpt-3 separately choosing appropriate option in the form. hence one need to to file 2 DPT-3

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No Need to file two separate Forms.

 

One can select the 3^rd Radio Button for both the disclosures:

 

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