LIMITATION OF DEPOSITS

Querist : Anonymous (Querist) 18 May 2011 This query is : Resolved
I FORMED A PRIVATE LIMITED COMPANY IN 1992 AND I WAS A MANAGING DIRECTOR OF THE COMPANY TILL 2001. IN THE YEAR OF FORMATION i.e. 1992 I MADE A DEPOSIT OF RS. 20,00,000/- INTO THE COMPANY FOR RUNNING DAY TO DAY AFFAIRS OF THE COMPANY. NOW I AM NO MORE DIRECTOR OF THE COMPANY BUT STILL I AM SHAREHOLDER OF THE COMPANY AND WANT TO TAKE BACK MY DEPOSIT. NOW THE QUESTION IS WHETHER THE BAR OF LIMITATION i.e. 3 years WILL APPLY IN MY CASE OR NOT FOR THE RECOVERY OF MY DEPOSITS.

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adv. rajeev ( rajoo ) (Expert) 18 May 2011
What is the due date of the deposits?

A V Vishal (Expert) 18 May 2011
You can take the amount since it is an unsecured loan and you still are a shareholder, if you also cease to be a shareholder then 58AA of the companies act is attracted. There is no limitation in the instant case to seek refund of the money.

M.Sheik Mohammed Ali (Expert) 18 May 2011
yes, i do agree expert

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