deposit received from business associate by PVT LTD Company
This query is : Resolved
RAVINDRA KUMAR
(Querist)
15 April 2011
There is an MOU between a PVT LTD Co. and a proprietary firm which states that the company will receive a deposit of Rs. 100 lacs and will pay an interest @12% p.a.on the said deposit.
My question is
1. Can a pvt ltd company accept the deposit from one of its business associates such as distributor of its product?
2. is it permissible to accept Trade deposit from outsiders u/s 58A and if not, whats the penalty?
My question is
1. Can a pvt ltd company accept the deposit from one of its business associates such as distributor of its product?
2. is it permissible to accept Trade deposit from outsiders u/s 58A and if not, whats the penalty?
15 April 2011
Yes U/s 58A pvt ltd company cannot accept deposits.
Pvt Ltd Company can accept trade deposits. This will not come under the per view of Section 58A
Pvt Ltd Company can accept trade deposits. This will not come under the per view of Section 58A
RAVINDRA KUMAR
(Querist)
20 April 2011
still not Clarified by Mr. Prasad.
Dhirajlal Rambhia
(Expert)
08 July 2023
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