A Pvt. Co. has accepted deposits from Shareholder/Director of the company and after acceptance of deposit, the depositor cease to be the Shareholder/Director of the company. The company can continue to hold the deposit up to the completion of the tenure of the deposit. It is even difficult for the company to repay the deposit since the funds are invested by the company keeping the maturity date in view.
Thanks for sharing knowledge. Very useful to deal with exam practical probs.
Thanks for responding & reading.
Fytomax Nutrition Private Limited
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Shyam S Gupta and Company
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CCI
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