DPT-4 (QUERY ON DEPOSIT DEFINATION )

[CABIJENDERKUMAR BANSAL]

Please suggest:

As per Companies (Acceptance of Deposits) Rules, 2014.

'deposit' includes any receipt of money by way of deposit or loan or in any other form, by a company, but does not include--

point no. (viii)-- any amount received from a person who, at the time of the receipt of the amount, was a director of the company:

Query 1: for e.g. x was not a director as on 15.04.2012 give loan of Rs. 10 lacs to company xyz. after that he became director on 15.07.2013 and was a director on 01.04.2014, will this loan of Rs. 10 lacs be covered under deposit or not for filing DPT-4??

Query 2: for e.g. x was not a director as on 15.04.2012 give loan of Rs. 10 lacs to company xyz,

after that he became director on 15.07.2013,

after that on 20.08.2013 company repay loan of Rs. 3 lacs to X, closing balance is Rs. 7 lacs

after that x gives further loan of Rs. 6 lacs on 30.09.2013, closing balance Rs. 13 lacs,

what amount of closing balance as on 01.04.2014 of Rs. 13 lacs be covered under deposit for filing DPT-4??

Thanks a lot in advance for your valuable time.

[CAGOPALJI AGRAWAL]

In your question, if X was not the director, whether he was shareholder or relative of the director otherwise it would have been public deposit also. Whether your company is private limited or not is not clear from your question.

The loans outstanding as at March 31, 2014 taken from the directors are not deposits and not required to be reported in DPT4

[CABIJENDERKUMAR BANSAL]

Dear Sir,

Thanks for your feedback.

In both cases, company is Pvt. Ltd company . Mr.  X was the shareholder at the time of giving loan to company.

Our specific query is that whether we have to check Mr. X was director on the date of giving loan to company or on the date of 31st March 2014.

Please give your valuable advise on both case.

Regards

CA. B.K.Bansal

AI Summary

Clarifying if Loans Given by Individuals Before Becoming Directors Count as Deposits under Companies (Acceptance of Deposits) Rules, 2014. A user inquired about the classification of loans as deposits under the Companies (Acceptance of Deposits) Rules, 2014, specifically regarding loans given by individuals who later became directors. The first query questioned whether a loan given before becoming a director should be considered a deposit. The second query involved loan repayments and additional loans after the individual became a director. A respondent clarified that loans from directors as of March 31, 2014, are not considered deposits for DPT-4 reporting. The user confirmed the company is private and sought further clarification on the relevant date for determining director status.