Public deposit

This query is : Resolved

Durgasugar@gmail.com (Querist)
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03 April 2014 After new rules as on 1.4.2014 ..what will b d treatment or compliance for loan already taken from shareholder or relatives prior to 1.4.14? Can we continue them or we have to repay them? ??

SHAKTI JINDAL

SHAKTI JINDAL (Expert)
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05 April 2014 Please refer section 74:

Where in respect of any deposit accepted by a company before the commencement of this Act, the amount of such deposit or part thereof or any interest due thereon remains unpaid on such commencement or becomes due at any time thereafter, the company shall—

file, within a period of three months from such commencement or from the date on which such payments, are due, with the Registrar a statement of all the deposits accepted by the company and sums remaining unpaid on such amount with the interest payable thereon along with the arrangements made for such repayment, notwithstanding anything contained in any other law for the time being in force or under the terms and conditions subject to which the deposit was accepted or any scheme framed under any law; and
repay within one year from such commencement or from the date on which such payments are due, whichever is earlier.

For further time – apply to The Tribunal
Condition complied as per R/30 if deposits are accepted under the old act and there is timely repayment.
Repayment clause becomes applicable immediately in case of default.