Thursday, April 16, 2015

Amounts received by Private Companies from their members, directors or their relatives before April 1, 2014 - Clarification

It is clarified that such amounts received by private companies prior to 16 April, 20l4 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.

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