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Filing of form gnl 2

Kanika Gupta (C.S Trainee) (100 Points)

19 June 2014

A company having share application money pertaining to FY 2013-14 in its books as on date and as per definition of deposits under Co's Act 2013 it comes under the category of deemed deposit.Does the company required to file form GNL-2 for the same. ?

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CS Rahul Harsh (CS) (1364 Points)
Replied 26 June 2014

PL . refer : Companies (Acceptance of Deposits) Rules, 2014. which states that : any amount received and held pursuant to an offer made in accordance with the provisions of the Act towards subscripttion to any securities, including share application money or advance towards allotment of securities pending allotment, so long as such amount is appropriated only against the amount due on allotment of the securities applied for;
Explanation.- For the purposes of this sub-clause, it is hereby clarified that -
(a) Without prejudice to any other liability or action, if the securities for which application money or advance for such securities was received cannot be allotted within sixty days from the date of receipt of the application money or advance for such securities and such application money or advance is not refunded to the subscribers within fifteen days from the date of completion of sixty days, such amount shall be treated as a deposit under these rules.
(b) any adjustment of the amount for any other purpose shall not be treated as refund.