Meaning of “Deposit” as per Co Act,2013 as DPT4 is to be filled as on 1.4.14, but not 31.3.14

Meaning of “Deposit”  as per Co Act,2013 as DPT4 is to be filled as on 1.4.14, but not 31.3.14

1)      Deposit means “deposit” as per companies act,2013

2)      Had the legislature intended the meaning of deposit as per Companies Act, 1956,

legislature would have required to file statement of deposit as on 31 march, 2014. However, legislature wants us to file statement of deposit as on 1.4.2014 or a later date when deposit becomes due.

3)      Legislature do not want us to take meaning of deposit as per Co Act, 1956, otherwise legislature could have expressly stated that also.

4)      It is well settled that wherever the word “deposit” has been used in Co Act, 2013, the meaning of deposit as per Co Act, 2013 is to be used.

5)      Intention of insertion of sec 74 is clear. Company is require to repay excess deposits so that company can retain deposit as per Co Act, 2013. That is why, legislature brought sec 74.      

•      Sec74(1) Where in respect of any deposit accepted by a company before the commencement of this Act(1.4.14),the amount of such “deposit” or part thereof or any interest due thereon REMAINS UNPAID ON SUCH COMMENCEMENT or becomes due at any time thereafter, the company shall—

(a) file,……………………………………………..