Section - 58A - Companies Act, 1956

Section - 58A - Deposits not to be invited without issuing an advertisement

[Deposits not to be invited without issuing an advertisement.

58A. (1) The Central Government may, in consultation with the Reserve Bankof India, prescribe the limits up to which, the manner in which and the conditions subject to which deposits may be invited or accepted by a company either from the public or from its members.

(2) No company shall invite, or allow any other person to invite or cause to be invited on its behalf, any deposit unless—

(a) such deposit is invited or is caused to be invited in accordance with the rules made under sub-section (1),

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(b) an advertisement, including therein a statement showing the financial position of the company, has been issued by the company in such form and in such manner as may be prescribed

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