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Company deposit (intersting case )plzzzzzz help

This query is : Resolved 
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(Querist)
11 March 2010 My client (pvt co) has taken deposits from employees deposits.
1) In case accident occours in a company 2) company can take OD against that deposits & can satistfy the claim
3) Thus any interest recieved will be paid to employees only
4) Company will bear the OD interest

Question is,
Whether my client is covered under sec 58A
If Yes or No pls provide relevant para for my reference to principal.
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Rohit Sarda

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Rohit Sarda (Querist)
13 March 2010 Is any one there to help meeeeeeeeee. plsssssssssssss helppppp
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