Hi there,
Can a company accept unsecured deposits from its employees. ie Interest free deposits.
pls note that our company also files returns under Section 58A and a Statement in lieu of advertisment is also filed with ROC every year.
pls reply at the earliest.
Regards
Priyanka
Yes a company can accept unsecured deposits from the employees but you have to fulfill the requirements of section 58A along with deposit rules, 1975.
To accept further company should not be at any default regarding previous deposits. Give a deep reading to section 58A and 58AA.
Regards
Dear priyanka, take also reference of Sec 417......!
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