Dear friends, Plz give some conclusion for the following :
Sec 58A applies to a company, and not on borrowings of others(borrowings of firm & Individuals )
Now if the firm or individual sale its business (all assets & Liabilites ) through slump sale to a company. then whether sec 58A will apply on these borrowings transferred to company.
Please help.
Section 58A would not apply in this case.
Section 58A read with Companies (Acceptance of Deposit) Rules, 1975 are dealt with deposits.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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