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Deposits

TULIKA AGARWAL (Self employed) (80 Points)

04 June 2014

If in a private limited company there are deposits lying in the balance sheet as on March 31, 2014 from persons other than directors, how shall that be treated? Can we refund them as of today from money borrowed from the director?

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Dipendra Prasad Poudel (Article Assistant ( Internal Audit) ) (578 Points)
Replied 05 June 2014

74. (1) 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—
(a) 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
(b) repay within one year from such commencement or from the date on which
such payments are due, whichever is earlier.

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Shilpa (Company Secretary) (234 Points)
Replied 05 June 2014

Hi Tulika,

If any amount of deposits are outsatnding on 1.04.2014 from persons other than Directors, then there are following compliances:

1) As per sec 74: Report the amount of such Deposit to ROC in Form DPT-4 on or before 30th June, 2014 as they are considered as Deposit under new Comps Act.

2) Repay such amount by 31st March 2015 alongwith interest.

Shilpa

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