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Sec 74 starts with the words "where in respect of any deposit accepted by a company before the commencement of this Act". The Deposit rules 2014 made effective from 1.4.2014 states that deposit does not include unsecured loans accepted from directors. As a result unsecured loans from shareholders and relatives will fall within the definition of "deposits" wef 1.4.2014. However under the CA 1956 unsecured loans from directors as well as shareholders and relatives were excluded from "deposits". Does it imply that unsecured loans from shareholders/relatives accepted before the commencement of CA 2013 will not require compliance with Sec 74(1) of CA 2013?

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

Posted By: Latha 10 year(s) ago

This question has been closed if you want to answer,you have to re-open.


Expert    Ankit Singhi

Yes, in our view no compliance will be required for amount accepted before 1st April 2014 which are not treated as deposit under the 1956 Act

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