Deposited Accepted before 1-4-2014 
From members / Director Relative Is Permissible under the New Act
AS Per This Circular Any Deposit Accepted From
Shareholder
Director Relative
Hold As on 01-04-2014 Are also Exempted In the New Act.
But If any one Taken it After 1-4-2014 It is not Exempted
Subject To Necessary Disclosure In the Financial Statement
As per the circular issue relaxation is provided to private companies who have accepted loans from their members, Directors and Relatives of Directors before 1st April,2014.
To avail the benefit the companies are required to make disclosure about unsecured loans accepted from their members ,Directors and Relatives of Directors for unsecured Loans accepted before 1st April,2014.
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 To 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 Rule8.20l4 Sir, 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. Y
ours faithfullv. ri, I lrlJlsalky”n,nt
http://www.mca.gov.in/Ministry/pdf/General_Circular_5-2015.pdf