General Circular No. 05/2015
F. No. 1/8/2013-CL-V
Government of India
Ministry of Corporate Affairs
5th Floor, A Wing, Shastri Bhavan, Dr R.P.
Road, New Delhi.
Dated: 30th
March, 2015
To
All Regional Directors,
All Registrars of Companies, All stakeholders.
Subject:
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
Sir,
Stakeholders have sought clarifications as
to whether amounts received by private
companies from their members, directors or their relatives prior to 1st April, 2014 shall be considered as
deposits under the Companies Act, 2013 as such amounts were not treated as ‘deposits’ under section 58A of the
Companies Act, 1956 and rules
made thereunder.
2.The matter has been examined
in consultation with RBI and it is clarified that such amounts received by private companies prior to 1st
April, 2014 shall
not be treated as ‘deposits’ under the Companies Act, 2013 and Companies (Acceptance of Deposits) Rules,
2014 subject to the condition that relevant private company shall disclose, in the notes to its financial
statement for the
financial year commencing on or after 1st April, 2014 the figure of such amounts and the accounting head in which such amounts have been shown in the financial statement.
3. Any renewal or acceptance of fresh
deposits on or after 1st April, 2014 shall, however, be in accordance with the provisions of Companies Act,
2013 and rules made thereunder.
4.This issues with the approval of the competent authority.
Yours faithfully,
(K.M.S. Narayanan)
Assistant Director (Policy)
Copy to:- 1. e-Governance Section and web contents Officer to place this
circular on the Ministry website.
