Circular on Deposit
30 March 2015

MCA came with a circular clarifying that the Amount received by Private companies from their members, Directors or their relatives before 1st April, 2014 under Section 58A of Companies Act 1956 will not be considered as deposit under the Companies Act,2013 and Companies (Acceptance of Deposits) Rules, 2014, whereas 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. The Circular also asks the relevant Private Companies to disclose it in the notes to its financial statement for the Financial Year commencing on or after 1st April, 2014.

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