LIMITATION OF DEPOSITS
Querist :
Anonymous
(Querist) 18 May 2011
This query is : Resolved
I FORMED A PRIVATE LIMITED COMPANY IN 1992 AND I WAS A MANAGING DIRECTOR OF THE COMPANY TILL 2001. IN THE YEAR OF FORMATION i.e. 1992 I MADE A DEPOSIT OF RS. 20,00,000/- INTO THE COMPANY FOR RUNNING DAY TO DAY AFFAIRS OF THE COMPANY. NOW I AM NO MORE DIRECTOR OF THE COMPANY BUT STILL I AM SHAREHOLDER OF THE COMPANY AND WANT TO TAKE BACK MY DEPOSIT. NOW THE QUESTION IS WHETHER THE BAR OF LIMITATION i.e. 3 years WILL APPLY IN MY CASE OR NOT FOR THE RECOVERY OF MY DEPOSITS.
A V Vishal
(Expert) 18 May 2011
You can take the amount since it is an unsecured loan and you still are a shareholder, if you also cease to be a shareholder then 58AA of the companies act is attracted. There is no limitation in the instant case to seek refund of the money.
