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Pvt co loan
Is as per new company law loan from shareholders and ditector to be paid before 31/03/2015 and we can not repay as we have 5 cr of shareholder and director loan whay option is available if we continue loan.
Replies (4)
loan from shareholders will be treated as deposits on which the company would become liable to pay interest and in case of loan from directors, the directors would have to give declaration that the loan given by them is out of their funds and not from borrowed funds.
is it compulsary to pay loan from shareholder before 31/03/15
question of interest not matter is it compulsary to pay loan taken from shareholder ro repay loan before 31/3/15
Any money taken from the shareholders will now be treated as Deposit under companies act, 2013 w.e.f. 01/04/2014. As Its is optional on part of company to repay the loan taken from shareholders. If the company pay intends to repay then it had to file DPT 4 before June 30, 204.
And if the comapny does not want to repay the money to the shareholders, then that will assume as non-compliance under section 74(3) and company will have to pay a minimum fine of rs. 1 crores.
So as per law, its mandatory but for a company it is optional. The officers of company may think upon which option to chosse, either to repay or to pay fine.
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