RoHaN k (CA & CS) (308 Points)
27 June 2014Please clarify
whether unsecured loans previously accepted by Private Limited co. from shareholders which were allowed till then.
Now after 01.04.2014 :
1] Whether such loan allowed to be retain as such ?
2] Whether such loan need to classify as deposit after 01.04.2014 ?
3] When should it be refunded ?
Vandana J Doshi
(Practising Company Secretary)
(12562 Points)
Replied 28 June 2014
RoHaN k
(CA & CS)
(308 Points)
Replied 28 June 2014
Yes , Thank you
Just need to discuss that Sec 74 has clarified regarding "previously accepted deposits and outstanding interest thereon".Not about Unsecured loans.
Whether previously accepted unsecured loan from shareholders to be retain as such ? will there be any time limit to repay it ?
Vandana J Doshi
(Practising Company Secretary)
(12562 Points)
Replied 28 June 2014
RoHaN k
(CA & CS)
(308 Points)
Replied 28 June 2014
Ya you are right , Thats why this matter demands expert interpretation.
but as per CADR 2014 the Deposit definition includes " Loans " , that means is it applicable w.e.f. 01.04.2014 and hence not applicable for previously accepted loans ?
Or we have to give retrospective effect ?
CAclubindia
