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MCA vide Circular No 5/2015 dated 30.03.2015 has clarified that amounts received by private companies prior to 01.04.2014 shall not be treated as deposits under the Companies Act 2013.
March, 31st 2015
                                                     General Ctrcular No. O5/2O15

                                F. No. 1/8/2013-CL-V
                                 Government of India
                              Ministry of Corporate Affairs

                                                 sth Floor, A Wing, Shastri Bhavan,
                                                              Dr R.P. Road, New Delhi.

                                                          Datedt 3otn Match, 2Ol5

All Regional Directors,
All Registrars of Companies,
All sta.keholders.
Subject: Amounta recelved by prlvate companles frorrr their membete,
         dlrectora or thelr relatlves before l.t Aprll, 2014 - Clarlflcatlon
                regardlag appllcability of Companles (AcceptlDce of Depo3ltsl
      Stakeholders have sought clarifications as to whether amounts received
by private companies from their members, directors or their relatives prior to
1st April, 2014 shall be considered as deposits under the Companies Act, 2013
as such amounts were not treated as 'deposits' under section 58A of the
Companies Act, 1956 and rules made thereunder.

        2.The matter has been examined in consultation with RBI and it is
clarified that such amounts received by private companies prior to 16t April,
2Ol4 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 lsi April, 2014 the figure of such
amounts and the accounting head in which such amounts have been shown in
the fi nancial statement.

       3. Any renewal or acceptance of fresh deposits on or aiter 1st April, 2014
shall, however, be in accordance with the provisions of Companies Act, 20 13
and rules made thereunder.

       4.This issues with the approval of the competent authority.

                                                                      Yours faithfullv.

                                                                     ri,   I

                                                          Assistant Director (Policy)
Copy   to:- 1   e-Governance Section and web contents Olficer to Dlace this
circular on the Ministry website.
2. Guard File.
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