Deposits under Section 58A of the Companies Act, 1956 :
Any amounts received by private companies from their members, directors or their relatives prior to 1st April, 2014 shall not 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.
Disclosure in the financial statements :
Any amounts received by private companies prior to 1st April, 20l4 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 1st April, 2014 the figure of such amounts and the accounting head in which such amounts have been shown in the financial statement.
Deposits under the Companies Act, 2013:
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.
Source: General Circular No. 5/2015, dated 30th March, 2015