Dpt-4 (urgent)

This query is : Resolved

CA. BIJENDER KR. BANSAL (Querist)
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27 June 2014 Please suggest:

As per Companies (Acceptance of Deposits) Rules, 2014.

"deposit" includes any receipt of money by way of deposit or loan or in any other form, by a company, but does not include--

point no. (viii)-- any amount received from a person who, at the time of the receipt of the amount, was a director of the company:

Query 1: for e.g. x was not a director as on 15.04.2012 give loan of Rs. 10 lacs to company xyz. after that he became director on 15.07.2013 and was a director on 01.04.2014, will this loan of Rs. 10 lacs be covered under deposit or not for filing DPT-4??

Query 2: for e.g. x was not a director as on 15.04.2012 give loan of Rs. 10 lacs to company xyz,
after that he became director on 15.07.2013,
after that on 20.08.2013 company repay loan of Rs. 3 lacs to X, closing balance is Rs. 7 lacs
after that x gives further loan of Rs. 6 lacs on 30.09.2013, closing balance Rs. 13 lacs,
what amount of closing balance as on 01.04.2014 of Rs. 13 lacs be covered under deposit for filing DPT-4??

Thanks a lot in advance for your valuable time.

CA. Amit G. Chandani

CA. Amit G. Chandani (Expert)
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27 June 2014 DPT-4 should be filed for loan of only Rs. 10 lakh due from member as on 01.04.14. Note that there is drafting error in section 74 (whichever is earlier, is missing in the operative part of section), but it is safer to file DPT-4 before 30.06.2014 for above loan.The balance of 7 lakh of that loan need to be repaid before 31.03.15.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Querist)
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27 June 2014 Amit Ji,

Thanks for reply.
There is 2 different case . Please reply case wise.
in First case what we have to do and second case what ?

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CS Maulik Bhavsar

CS Maulik Bhavsar (Expert)
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29 June 2014 Individual who is providing loan must be director of the company at the time of providing loan to the Company.

In First case, he wasn't director on 15.04.2012 at time of providing deposit.

So, it will come in DPT 4.