DPT3- unsecured loan from non director/promoters

[Prakash Joshi]

Dear Friends,

If a pvt company has unsecured loan outstanding since from many years from outsiders other than Directors/promoters and their relatives where to disclose them in DPT-03.

Thanks

P C Joshi 

[Mohan Ramaswami]

the private co should have returned the said loans / unsecured loans , long back when the CA 2013 came into force. this is violation of CA 2013. how was these amounts shown in the DPT 3 for earlier years  like 2021, 2020, 2019 etc ??? please check the earlier year DPT 3 returns, and decide accordingly.

views of others welcome.

regards,

Mohan 

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CS. R.  Mohan
Mobile: 9908814677

[Prakash Joshi]

Dear Mohan,

Thanks for your valuable advice. If the company in the past has not filed DPT03 or disclosed this as an exempted deposit , what should it do this year.

I shall appreciate moreviews from learned members.

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[Mohan Ramaswami]

Dear Sri Prakash Joshi Ji,

How about the balance sheet , has this been filed AOC 4 For past years , how has these amounts been shown in the AOC 4. 

As u may be aware these U/s loans should hv been refunded once the CA 2013 came into force. Otherwise there should be an agreement to the effect that these U/S loans will be held by the co till ----  date , and this agreement should hv been filed. I don't think it can be held perpetually. 

These U/S loan parties to be made as either as Directors or as shareholders before accepting these U/S loans. 

So in ur books of accounts issue cheque to repay these loans, then these cheques are held back . Appoint these U/S parties as Directors , then take letters from there people that they are unable to present the cheques and take back the cheques. After 15 days or a month submit resignation & remove them as Directors. 

So in effect, these U/S loans become loans from Erstwhile directors. 

Views of others welcome. 

Regards,

Mohan

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[Prakash Joshi]

Thanks for your mail. I will check his they were shown in the B/S.

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[Mansi Gandhi]

Alternatively, you can show transfer of 1 share backdated (before the date of taking unsecured loan) from any existing shareholder of that time. Hence, on the date of taking such loan, it will be considered as unsecured loan from shareholder. 

No ROC form is involved in transfer of share. Moreover, transfer of 1 share will have bare minimum consideration of face value - Re.1/- or 10/- or 100/- at the most. The stamp duty accordingly will come around Re.1 or Rs. 10/-. You can show few revenue stamps and cancel them. Pass entries on share certificate and statutory register too (backdated).

Since DPT-3 does not have an option of showing such a transaction under transactions not considered as deposits, you have to click on Return of Deposits, only then you can show unsecured loans from shareholders and you have to get the form certified by its Statutory Auditors. (coz u had to select 'Return of Deposits' though it is not a deposit)

Other opinions solicited!!

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Thanks & Regards

Mansi Gandhi

+91 90290 22778

[Mansi Gandhi]

NOTE: Your shareholding pattern and balance sheet will fall wrong of each year after that backdated event, coz none of the balancesheets will show him as shareholder.