Fixed deposit by bajaj finance and dewan housing etc.

This query is : Resolved

pjrao (Querist)
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07 November 2016 Dear Sir,
companies like BAJAJ Housing Finance ltd and Dewan Housing Finance ltd ,LIC Housing Finance ltd are raising money through Fixed deposits from public offering higher interest rate than banks.My query is under which law they are covered and is there any limit for raising the Fixed deposits from public by such companies.Is it safe to invest in such companies.

Thanks

P.J.RAO

Amol S Joglekar

Amol S Joglekar (Expert)
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07 November 2016 They are covered by Companies Act.
If you read the fixed deposit form or the fixed deposit document CAREFULLY, the limit is given (Including the limit for the acceptance of deposits from employees)
https://www.taxmann.com/datafolder/News/Chapter%20V%20Acceptance%20of%20Deposits%20by%20Companies.pdf
please go through the link for a detailed note on the subject

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