Companies ( acceptance of deposits) rules,2014
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 April 2015
Kindly help me with this query.
A company has received advances for business purpose but cannot utilize it within a period of 365 days from the date of receipt of such advance. But the company is sure to utilize such amount in the next year. In such a case will such amount be considered as deemed deposits?
A company has received advances for business purpose but cannot utilize it within a period of 365 days from the date of receipt of such advance. But the company is sure to utilize such amount in the next year. In such a case will such amount be considered as deemed deposits?
09 April 2015
Yes it is a 'deposit' because exemption for utilization beyond 365 days is not seen in Companies (Acceptance of Deposits) Rules,2014.
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