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What would be the treatment of unsecured loans outstanding as on 31.03.2014 in a private limited company ? Whether they would be treated as deposits and need to be paid within 1 year? If yes please provide the procedure for same.

Section 74- Repayment of deposits, etc., accepted before commencement of this Act.

Posted By: Sunil 10 year(s) ago

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Smit

Yes. It will be treated as deposit. However, there is no requirement of repayment, rather procedure under section 74 like rating, insurance etc. needs to be followed.

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Expert Ankit Singhi

No they shall not be treated as deposit

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reena

UNSECURED LOAN ACCEPTED BEFORE 01.04.2014 WERE DEPOSITS BUT EXEMPTED THEY NEED TO BE REPAID UNDER SECTION 74

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