Query relating to acceptance of deposit provisions under companies act, 2013
CS Jatinder Kapoor
(Querist) 01 May 2014
This query is : Resolved
Dear Sir,
one of my client is running a company and in the balance sheet of this company, loans to the tune of rs. 4 crores are outstanding. The composition of this Rs. 4 crores is as follows :
Rs. 2 crores from directors
Rs. 1.25 crores from shareholders
Rs. .75 crores from others
1. Now As per Acceptance of deposit rules,
Deposit does not include the amount received from the person who at the time of this receipt was the director of company so as per this rule Rs. 2 crores are not falling within the definition of deposit.
2. what about the remaining Rs. 2 crores received from shareholders and others ??
should we file the statement with ROC within 3 months and repay the amount within one year from the commencement of this act or is there any other remedy available ??? As the company is not in position to repay it within one year.
T. Kalaiselvan, Advocate
(Expert) 05 May 2014
Please take up and consult the matter with a prudent Auditor who will be able to suggest proper opinion in this regard and further actions to be taken on the same.
