Sanjay (Associate) (152 Points)
02 July 2017
Karan Batra
(Creator: TheProTalks)
(2325 Points)
Replied 03 July 2017
Section 2 (31) of Companies Act, 2013 define deposits as "Deposit includes any receipt of money by way of deposit or loan or in any other form by a company, but does not include such categories of amount as may be prescribed in consultation with the Reserve Bank of India" however when we go through the Companies (Acceptance of Deposits) Rules, 2014, we also get to know Amount received from directors are in the list of exclusions.
Thus in your case Loan whether secured or unsecured from a Director will not be considered as Deposits as per the Comapnies act,2013.
Sanjay
(Associate)
(152 Points)
Replied 04 July 2017
Karan Batra
(Creator: TheProTalks)
(2325 Points)
Replied 04 July 2017
Yes, is there any other question also you need to ask regarding deposits
CAclubindia
