the companies (accepatance of deposits) rules 1975

Save Share

This query is : Open

amir (Querist)

04 February 2010 Comapny required 3 years audited balance sheet for acceptance of deposit , if company has 1 year audited balance sheet
so can comapny accept deposit form public ??????

Ankur Garg

Ankur Garg (Expert)

05 February 2010 If your co. is only 1 year old than one year Balance sheet will do.

But If your co. is more than 1 year old than one year Balance sheet will not be enough.

For example
One year old co.== One year BS

Two year old co.== Two year BS

Three year old co.== Three year BS

Five year old co.== Last Three year BS

amir

amir (Querist)

06 February 2010 sir i agree ur views but in rule of acceptance deposit 1975 its in mention that when company invite to public there is some requirments mention in rule 4 of the same. thats company required 3 years bs . if u have any rule or any section which mention that company not required 3 years bs or a newly incorporate company can accept deposit . or any company compleat there 2 years .

sir thanks for ur time
n thanks to reply :)

Ankur Garg

Ankur Garg (Expert)

06 February 2010 Amir, my reply was based on general practice followed in ROC. Like when we change the name of co. this method is perfectly fine.

However ur concerned is also correct as there may be some different method for deposit application. It would be better to have a chat with ROC people. What say?

amir

amir (Querist)

06 February 2010 ok sir thanks for ur suggestion sir .

thanks again :)

amir

amir (Querist)

09 February 2010 if any one knows about its plz tell me :)

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now