Can a private limited company accept Deposit/ Money as membership fees with a view to provide mediclaim and membership to be repaid with interest:
With clause in its Terms & Conditions :
" For 5000 and above : on termination of the membership the amount will be transferred to terminated members account and to be piad on completion of 9 years and after deducting 35%. no interest or appreciation will be provided"
" for less than 5000: the amount will not be refunded"
CAclubindia
