Deposits
This query is : Resolved
11 June 2010
Can a Private Company invite deposits?If yes,what is the procedure to be followed and what are the limits?
Regards,
Rajiv Kaicker
Regards,
Rajiv Kaicker
11 June 2010
Private Limited company is prohibited from inviting any invitation or acceptance of deposits from persons other than its members, directors or their relatives.
11 June 2010
Okay.But what procedure is required for this purpose?Also,in such cases ,the limit in terms of Paid up capital and free reserves shoulnot apply?Pls confirm.
11 June 2010
Pl see section 3(1)(iii)(d) of the Companies Act,1956 which is self explanatory so as to clear your doubt.
11 June 2010
What are the steps to be followed such as satement in lieu of advertisement,etc,? And is the limit 35% of the paid up capital and free reserves?
11 June 2010
No need to follow any procedure...Private co. is not allowed to accept deposits by virtue of section 3(1)(iii)(d).
Thanks
Thanks
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Form 121 & TDS deduction
- LC charges in relation to Asset purchased should be Capitalised ?
- Regarding appeal to GSTAT
- Multiple trade mark
- Transporter Declaration form
- Regarding TDS Applicability For Director Remuneration
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
