Loan from director cum shareholder

[Deepak Gupta]

Dear All,

If a director give loan to company as on 31.03.2014 then what is the consequence as per new companies act.

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Thanking You

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CA Deepak Gupta

Partner

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[sonam jain]

It is allowed under the new companies act, 2013 provided that the loan given by the director is not from any loan he borrowed.

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[CS Simranjeet Singh]

u can do so. it was allowed earlier also and now also..

 

 

Regards,

Simranjeet Singh

Associate Company Secretary

"To know, is to know that you know nothing. that is the meaning of true knowledge."

 

   

[Deepak Gupta]

Is there any requirement to file any form regarding this?

[Deepak Gupta]

[R V Seckar]

In terms of Section 73 of Companies Act, 2013 read with Rule 2(1)(c)(vii) of Companies (Terms and conditions of acceptance of Deposit) Rules, 2014, deposits do not include receipt of money from

director of the Company, but money received from a member is treated as deposit.

 

In case deposit is taken from a person who is both a director and a member of the Company (as in your case) , then question arise whether will such receipt of money be treated as deposit or not?

Any amount received from a person who, at the time of the receipt of the amount, was a director of the company furnishes to the company at the time of giving the money, a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others is not considered as deposit.

Although, there is no specific provision which clarifies the question above but a deposit from a member who is also a director should be treated as deposit from a member.

 

Regards

R.V.Seckar

Mobile- 09848915177

Pl do visit my blogs :

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[ketankumar savaliya]

Dear Sir,

Private Limited company takes deposit before 31.03.2014 (unsecured loan) from member as well as directors of the company and company also paid interest on Deposit and also deduct TDS.

that means this deposit takes from shareholder and directors of the company under the Companies Act, 1956 and

AND

the deposit is not defined under section  2 or 2(1)(iii) of the Companies Act, 1956. it is defined in Deposit Rules, 1975 Private Limited Company is governed by section 58A and Private company borrow any amount specified under exempted categories in Rule 2(b)(i) to (ix) of deposit rules, 1975.

Now Under the Companies Act, 2013

where any company has accepted deposits before April 1, 2014 and such deposit remains unpaid on April 1, 2014, the company shall repay the same on or before March 31, 2015 or such payments are due, whichever is earlier under section 74(1).

and to file DPT - 4 with declaration and statement of Depositors as on 01.04.2014.

 

in this above case,

we file DPT - 4 to ROC or not?

 

Thanks & Regards,

Ketankumar Savaliya
+91 99132 12612