Section 58A of The Companies Act 1956
This query is : Resolved
17 February 2011
Dear Expert,
If Central Government sanctioned deposits limit. But Company have no requirements of Deposit hence Company has accepted deposit which is less than the limit sanctioned by RBI or Central Govenment. Under this circumstances can it be said that Section 58A or Companies (Acceptance of Deposits ) Rule, 1975is violeted ?
If Central Government sanctioned deposits limit. But Company have no requirements of Deposit hence Company has accepted deposit which is less than the limit sanctioned by RBI or Central Govenment. Under this circumstances can it be said that Section 58A or Companies (Acceptance of Deposits ) Rule, 1975is violeted ?
parthasarthy naidu
(Expert)
18 February 2011
Deposits accepted within the sanctioned/permissible limits pursuant to section 58A or Companies (Acceptance of Deposits) Rule, 1975 will not tantamount to violation even if the deposit accepted is less than the permissible limit. The only caution to be observed is that it should not exceed the specified/permissible limit.
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