hi...
Please help me..
will acceptance of freezer deposits from the retails by a Private Limited Company attract sec 58A?
Thank you
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Company law-sec 58a
Replies (3)
Yes, acceptance of deposits by a pvt co is covered by sec.58A. However, a Pvt. Co. can borrow any amount specified under exempted categories in Rule 2(b)(i) to (xi) of deposit rules, 1975. Also a Pvt. Co. can borrow inter
corporate Deposit.
For details refer Companies Acceptance of Deposit Rules 1975
@ mr Hariharan deposit for freezers given to retailers for displaying and selling company products comes under advancement of business pl check clause vi of exclusions from the definition of deposits
i'm sorry.....i misunderstood the question as acceptance of deposits from the retail investors (public)....in your case the acceptance of deposits being part of the business it is surely exempted
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