Unsecured loan - New Companies Act

[Nehal Rawat]

Dear Members,

Please tell me what new companies act say about unsecured loan taken from relatives of directors or any other person associated with him.

Also quote the relevant section.

[CS Chandru]

Hi,

 

As per Rules where Deposits has been defined- any money borrowed from Director doesnt tantamounts to 'Deposits' if such Director gives a declaration that money so lent to the Company is out of his own personal sources and not borrowed from Bank/FI's. The position on borrowing from Relative of Director is not clear under New Act. I think it is prohibited under new law.

 

 

--
--
************************************************
Mail your comments, feedback and suggestions on CSMysore to Moderator: datta...@gmail.com and Manager: vivekhe...@gmail.com
---
You received this message because you are subscribed to the Google Groups "CSMysore" group.
To unsubscribe from this group and stop receiving emails from it, send an email to csmysore+u...@googlegroups.com.
For more options, visit https://groups.google.com/d/optout.

--

Thanks & Regards

CS Chandrashekhar

+91 9743148312

 

Go GREEN...please consider environmental responsibility before printing this e-mail

[BINDU MADHAVA]

unsecured loan from promoters/relatives of promoters on insistence of FI/Banks is exempted Refer rule 2(c)(xiii)(b)of acceptance of deposit rules.

However loan from relatives of directors not allowed

Regards
Bindu Madhava K G

[Subodh Zare]

What if any other individual gives money to the company as Unsecured Loan?

--

Regards
CS Subodh Zare

+91-9922908759 (m) 

[CS Harsh Shah]

Kindly go through the definition of Private company

Section 3 (d) prohibits any invitation or acceptance of deposits from persons other than its members, directors or their relatives:(is deleted).

In rules you will find that : amount received from the person at the time of receipt of amount was a director of the company(previously director , director relative & Members were included in it).

Provisio to this: A member or relative of director can bring amount on mandate of FI's.

Also I want to add a new thing that a private co. cannot hold Share Application money more than 60 days, if hold more than 60 days will be computed under Deposits.(as per the rules of deposits which is also applicable to private company)

[Nehal Rawat]

Thank you dear members for your replies.

--

[Arvind Kumar]

DEAR FRIENDS,

KINDLY RESOLVE THE FOLLOWING

Subject:  Co. has taken unsecured loan from its 4 directors & also from 1 relative of director, before 12/09/2013.

Now as per new act, all the unsecured loan required to be repaid within 1 year and require to make declaration to the ROC before 30th June,2014 regarding the status of unsecured loan.

Requested to kindly provide format of declaration to ROC & form no. details regarding the same.

On Saturday, April 19, 2014 11:53:22 AM UTC+5:30, CS Nehal Rawat wrote:

[aashish golcha]

Dear Members,

Section 185 and 186 both speaks about loan advanced by a company to its director and / or to any other person where director interested. It does not speak about the Loan availed by the company from them. 

In that case where is the reporting to ROC and I feel that even under the New Act, a Company can take unsecured loans from Directors / Shareholders 

Other views are welcomed.

[CS Chandru]

Hi,

pls ref Chapter V and Rules made thereunder for this.

--

--
************************************************
Mail your comments, feedback and suggestions on CSMysore to Moderator: datta...@gmail.com and Manager: vivekhe...@gmail.com
---
You received this message because you are subscribed to the Google Groups "CSMysore" group.
To unsubscribe from this group and stop receiving emails from it, send an email to csmysore+u...@googlegroups.com.
For more options, visit https://groups.google.com/d/optout.

[CS Harsh Shah]

Dear Mr. Aashish,

Kindly go through the new definition of Pvt. Co & Rules of Deposits.

Amount received from Directors is not considered as Deposits.

Amount received from Promoters & their relatives are not consider as Deposit if it is brought due to stipulation of Bank of FI.

And only Public Eligible Companies can accept Deposits......

On Wed, Apr 23, 2014 at 4:31 PM, aashish golcha <aashish...@gmail.com> wrote:

This message is eligible for Automatic Cleanup! (aashish...@gmail.com) Add cleanup rule | More info

Dear Members,

Section 185 and 186 both speaks about loan advanced by a company to its director and / or to any other person where director interested. It does not speak about the Loan availed by the company from them. 

In that case where is the reporting to ROC and I feel that even under the New Act, a Company can take unsecured loans from Directors / Shareholders 

Other views are welcomed.

On Wednesday, April 23, 2014 1:03:58 PM UTC+5:30, Arvind Kumar wrote:

--

--
************************************************
Mail your comments, feedback and suggestions on CSMysore to Moderator: datta...@gmail.com and Manager: vivekhe...@gmail.com
---

You received this message because you are subscribed to a topic in the Google Groups "CSMysore" group.
To unsubscribe from this topic, visit https://groups.google.com/d/topic/csmysore/mtayOcJghqk/unsubscribe.
To unsubscribe from this group and all its topics, send an email to csmysore+u...@googlegroups.com.

For more options, visit https://groups.google.com/d/optout.

--
Thanks & Regards,
CS Harsh Shah
(m.) 09016896738

[CS Chandru]

A pvt company can also accept deposits as per procedure lain down in Sec 73(2) from its members.

 

Deposits from Directors are not Deposits if money lent is not borrowed and out of Director's personal sources

 

Deposits from Directors relatives prohibited under new Act which was allowed under Old Act 

 

You received this message because you are subscribed to the Google Groups "CSMysore" group.

To unsubscribe from this group and stop receiving emails from it, send an email to csmysore+u...@googlegroups.com.

For more options, visit https://groups.google.com/d/optout.

--

[Vivek Hegde]

Dear Aashish,

Please refer to Sections (starting from 73) relating to deposits and rules made thereunder. These transaction fall under the definition of deposits under New Act. These have to be regularized in a given time frame under the new Act.

Dear Aravind,

You need to file Form DPT-4 as per Rule 20 of Acceptance of Deposit rules.

Warm Regards

CS Vivek Hegde,B.com, ACS, CWA

Vivek Hegde & Co.
Company Secretaries
No. 2034, 26th Cross, K.R.Road
Banashankari II Stage, Behind 

Sevakshetra Hospital

Bangalore-560070
Mob : 09900898223

Off: 080 26710677

On Wed, Apr 23, 2014 at 4:31 PM, aashish golcha <aashish...@gmail.com> wrote:

--