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Sec 417 of companies act 1956

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(Querist)
18 August 2011 Hello!

Company has accepted deposits from employees in connections with terms of employment/ contract of service.But has not followed the provisions of Sec 417 of the act.What are the consequences, if not followed and as an auditor of the company ,where to mention this in his audit report.Pls guide

Thanks
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Saroja

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Saroja (Expert)
18 August 2011 the first one consequences for non compliance/sme thing of 417 - as per under sec 420 of the companies act, penalty will arise.,
and second one in my point of view it should show/ mention/comply under CC (Compliance certificate - Point No 32 or sme thing) not in Auditor report.,
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