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Deposit

CS Zehra (Company Secretary) (42 Points)

30 January 2017

If Company has deposit in pvt company and subsequently private company become wholly owned subsidiary of public company. As Public company is not Eligible company as per section 76(1), what can be done?????

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4 Replies

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 01 February 2017

If it was allowed at the time of accepting deposit, there will be no difference now and no action to be taken if there is no change in terms & conditions.

CS Zehra (Company Secretary) (42 Points)
Replied 01 February 2017

Sir,

If Private company take loan from its relative of director (shareholders), now what procedure to be followed as it is also included in terms of deposit.???

and in future if this pvt. company become subsidiary of public company then????