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Dear Sir/Madam, a private company took loan from its members under the Companies Act, 1956 and the same is still exist on 31.03.2014. Now, as per new act, what we should be done?? can we will have to repaid it or also give interpretation of explanation as given in Rule 19 of Chapter V.

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

Posted By: Cs deepesh kumar nayak 10 year(s) ago

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


    Ritu Aswal

Section 74 (1) (b) of the Companies Act, 2013 clearly states that any mount received before commencement of this act should be repaid within one year. Although any amount received from the shareholder was not covered under the definition of deposit in the Companies (Acceptance of Deposit Rules) 1975 but now any deposit from the members can be obtained by following a procedure under section 73. Also the form DPT -4 which is to be filed within 3 months from the commencement of this act (statement of all deposits accepted by the company) is also required to be filed by Private Company. See the particular of the form.

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Expert    Ankit Singhi

There is no requirement to refund as per the law but as matter of governance , you can refund

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