Interest on advance on dealers deposits.
This query is : Resolved
Ashutosh Shukla
(Querist)
21 September 2013
Can subsidiary company of public limited company give 9% p.a. interest on Advanced received from Dealers as a security deposit.
if yes then is it not the case of receiving Public Deposits?
thanks in advance
if yes then is it not the case of receiving Public Deposits?
thanks in advance
Nikhil Kaushik
(Expert)
22 September 2013
Can the company pay yes. Does it amount to public deposit. well why dont u refer to Sahara case. Though the factum is not the same. But its important to see the substance over form angle.
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