queries regarding compliance of section 74 of the CA 2013 regarding filing of statement of deposits existing as at 01.04.2014 in form DPT-4:

Dear Members,

Need your suggestion/views on few queries regarding compliance of section 74 of the CA 2013 regarding filing of statement of deposits existing as at 01.04.2014 in form DPT-4:

Query-1: If deposits existing as at 01.04.2014 have been repaid before 30.06.2014, whether they still need to be reported

ANS: YES

Query-2: If  deposits have been reported by the company in form DPT-4, and subsequently they are paid before 31.3., its repayment need to be reported to ROC. If yes, how will such reporting be done? If no, how will ROC keep a track for repayment of all such deposits?

ANS: Yes , Return of Allotment in Form DPT3 Is to be filed for 2014-15 onwards.

Query-3: If  shareholders from whom loans exist as at 01.04.2014 but after 01.04.2014 and before 30.06.14, such shareholder is appointed as director whether it will still fall under the definition of deposit and will need to be reported in form DPT-4 or this will not be considered as deposit as loan from director is excluded from deposits?

ANS: Yes (as loan paid by director at the time when he is director is exempted deposits). However, planning should be to  repay existing loan & take fresh loan after appointing him as director.

Query-4: If the deposits from shareholders are taken over by/transferred to the directors, whether this will comply for exclusion from the definition of deposits which excludes “any amt received from a person who at the time of receipt of amount, was a director of the company”

ANS: No, as director is required to give declaration that loan to company is not out of loan or deposit.

Query-5: The deposit rules excludes from deposit, loan taken from promoters in stipulation imposed by the lending institution. Who all will be included as promoters for this purpose?

ANS:

Query-6: An auditor certificate needs to be attached with DPT-4 certifying the list of deposits, how will the auditor certify a deposit from director for exclusion and how will he certify that the funds are given by the directors out of his own funds?

ANS: Auditor will see whether director has furnished declaration or not. He can require further information too, if requires.