The young members are facing some issues with the new companies act provisions and clients are just asking to close companies mainly because of issue of funding/financing from directors etc. As far as it is relating to repayment of unsecured loans taken from directors, directors relatives and shareholders by pvt ltd company under the provisions of old companies act, 1956, as per my view THERE IS NO NEED OF REPAYMENT OF THESE AND NO NEED TO FILE ANY RETURN IN THIS REGARD. THESE LOANS ARE NOT DEPOSITS AT THE TIME OF RECEIVING AS PER THEN APPLICABLE PROVISIONS. SO BE RELAXED AND MAKE YOUR CLIENTS TENSION FREE TOO. MY THIS VIEW IS ALSO SUPPORTED BY MR. Pramod Jain, MY FRIEND AND A RENOWNED CA. FURTHER, the next issue, how to take money right now from directors relatives etc............its answer is a tricky one. The laws say at the time of giving money was director........so friends who stop you to appoint the family member or the person from the company wishes to take loan as director AND after taking money who stops you to get him resigned. But please ensure that you get DIN of all persons who are in the list of company from whom money can be taken. Getting DIN may help you in appointing him director at once. And about re-designating the director finance as cfo with dual responsibility, directors are not accepting their name showing as cfo only on the mca portal as there is no option in the form DIR 12 for dual designation. so, dont do this after 01-04-2014 but escape filing form dir 12 /mgt 14 and issue a departmental letter before 01-04-2014 to the director finance confirming his re-designation. No need to file any form then. If it is not feasible then first file form mgt 14 for cfo and then file mgt 14/ dir 12 for director finance by taking notes in the board meeting. BE happy, enjoy learning. different opinions and views are welcome. The law is new and we need to discuss more and more. After discussion, ultimately we will reach to a solution.
Posted on: Sat, 07 Jun 2014 14:06:05 +0000
Trending Topics
Recently Viewed Topics
© 2015