Deposits under companies act 2013.
This query is : Resolved
22 May 2017
The definitions under Rule 2(c) of the Companies (Acceptance of deposits) rules, 2014 specifically excludes amount received from any company from the purview of deposits vide sub-clause (vi). Under sub-clause (xii) of Rule 2(c), any amount received as an advance for supply of goods which has not been adjusted for a period of 365 days from the receipt of such advance is covered under the definition of deposits. Now, in a case where a company gives an advance to another company for supply of goods, would such transaction get covered under sub-clause (vi) and stands outside the ambit of deposits? or should that be seen with the conditions stipulated under sub-clause (xii)?
22 May 2017
My understanding go with the later ie. (xii)
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