Loan Received by Private Company before 01-04-2014 not a deposit if received from member, director or their relatives

MCA has issued following circular giving clarification regarding receiving of loan by private company from members, directors or their relatives. As per this notification, any loan received before 1st Apr-2014 is not to be considered ‘deposits’ under Companies Act 2013 and Companies (Acceptance of Deposits) Rules, 2014. Complete notification is given below: General Circular No.…