Deposit wrt private company
This query is : Resolved
Vaibhav Jandey
(Querist)
24 September 2014
Respected experts,
As we know by definition of a private company given in Co Act 1956 it cannot accept deposits from public.
Now while reporting under one of the clauses of CARO 2003 we have to mention whether the company under audit has accepted deposits from public. So how should I report on this should I write ""NOT APPLICABLE"
As we know by definition of a private company given in Co Act 1956 it cannot accept deposits from public.
Now while reporting under one of the clauses of CARO 2003 we have to mention whether the company under audit has accepted deposits from public. So how should I report on this should I write ""NOT APPLICABLE"
CS Mitesh Mehta
(Expert)
24 September 2014
You may write;
In our opinion and according to the information and explanation given to us, the Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Act and the rules framed there under.
In our opinion and according to the information and explanation given to us, the Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Act and the rules framed there under.
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Vaibhav Jandey
(Querist)
24 September 2014
Thank you for your reply.
However my query is whether a pvt co can accept deposits from public or not within the meaning of co act 1956 ?
However my query is whether a pvt co can accept deposits from public or not within the meaning of co act 1956 ?
24 September 2014
see the first line of ur querry in 1 st question u asked u will get the reply
Vaibhav Jandey
(Querist)
24 September 2014
@tushar
sir that's actually trobling me...You please clear my doubts...as I've seen many CAs reporting same as the second post to this query posted by @Mitesh. While I think I should write "Not applicable"
how about you ?
sir that's actually trobling me...You please clear my doubts...as I've seen many CAs reporting same as the second post to this query posted by @Mitesh. While I think I should write "Not applicable"
how about you ?
24 September 2014
what mitesh have written is correct and that is more suiatable rather then not applicbale...since in report this topic is there then mitesh's suggestion is quiet suitable
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Vaibhav Jandey
(Querist)
24 September 2014
ok ok. but do you agree to my contention that a pvt co cannot accept public deposits ?
24 September 2014
yes as it wasnt allowed under co act 1956
Vaibhav Jandey
(Querist)
24 September 2014
Thank you again for prompt suggestions.
Have a great day.
Have a great day.
24 September 2014
you are welcome vaibhav jandey
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