banner_ad

Acceptance of Interest free deposits

This query is : Resolved 
Profile Image

Profile Image

(Querist)
13 January 2010 Can an unlisted Public Limited Company accept deposit from its directors without interest? what are the requirements to be complied with in case if it is accepting deposit with or without interest?
Profile Image

Sudhindra

Profile Image

Sudhindra (Expert)
14 January 2010 A private company can accept deposits from its directors under the provisions of section 58 A of the companies act which layes down the rules for he acceptance in case of private placements by a private company or an unlisted company from its directors, however it has to be ensured that the same should be within the powers of the artilces of association and memorandum of association, otherwise it would tantamount to ultra virus the provisions of the comapnies act 1856.

Such placements are called private placements. Pls go thru the section in details for detailed explanation and understanding. Section 58A
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
10 May 2026
Finance specialist

Right way solution

Ajmer

CA

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
11 May 2026
Post office

Post office

Anakapalle

Others

View Details