Amounts received by private companies from their members, directors or their relatives before 1st April, 2014 - Clarification regarding applicability of Companies (Acceptance of Deposits) Rules, 2014
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Deposit classification: pre-April 2014 receipts by private companies not treated as deposits if disclosed in financial notes. Amounts received by private companies from members, directors or their relatives before 1 April 2014 shall not be treated as deposits under the Companies Act, 2013 provided the private company discloses in the notes to its financial statements for the year commencing on or after 1 April 2014 the figure of such amounts and the accounting head in which they are shown; any renewal or fresh deposits on or after 1 April 2014 must comply with the Companies Act, 2013 and related rules.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deposit classification: pre-April 2014 receipts by private companies not treated as deposits if disclosed in financial notes.
Amounts received by private companies from members, directors or their relatives before 1 April 2014 shall not be treated as deposits under the Companies Act, 2013 provided the private company discloses in the notes to its financial statements for the year commencing on or after 1 April 2014 the figure of such amounts and the accounting head in which they are shown; any renewal or fresh deposits on or after 1 April 2014 must comply with the Companies Act, 2013 and related rules.
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