COMPANY LAW - VALIDITY OF ADVERTISEMENT
This query is : Resolved
30 September 2010
Dear experts
Can any one let me understand the concept of validity of advertisement issued for inviting public deposits with a short and simple example.
Thanks in advance...
Can any one let me understand the concept of validity of advertisement issued for inviting public deposits with a short and simple example.
Thanks in advance...
01 October 2010
Validity period of the advertisement issued
Rule 4(3) of deposit rules, 1975, provides that the advertisement issued at any time will be valid only up to six months from the conclusion of the financial year of the company in which the advertisement was issued.
In other words, an advertisement will be valid till the expiry of the annual general meeting of the company for that year if held within the prescribed time or ought to have been held so and a fresh advertisement shall have to be made for accepting deposits in each succeeding financial year, provided there is no delay on the part of the company to hold the annual general meeting in terms of section 166 of the Act.
Rule 4(3) of deposit rules, 1975, provides that the advertisement issued at any time will be valid only up to six months from the conclusion of the financial year of the company in which the advertisement was issued.
In other words, an advertisement will be valid till the expiry of the annual general meeting of the company for that year if held within the prescribed time or ought to have been held so and a fresh advertisement shall have to be made for accepting deposits in each succeeding financial year, provided there is no delay on the part of the company to hold the annual general meeting in terms of section 166 of the Act.
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01 October 2010
Thanks Ankur sir for the reply....
But in module it is given like this
valid upto earlier of the following
1. up to six months from the conclusion of the financial year of the company in which the advertisement was issued.
2. the date on which the balance sheet is laid down in next AGM.
3. if AGM in a particular year is not held the last date on which it should have been held in accordance with section 166 read with section 210.
so can u pls explain it with an example...
i am not getting it....
But in module it is given like this
valid upto earlier of the following
1. up to six months from the conclusion of the financial year of the company in which the advertisement was issued.
2. the date on which the balance sheet is laid down in next AGM.
3. if AGM in a particular year is not held the last date on which it should have been held in accordance with section 166 read with section 210.
so can u pls explain it with an example...
i am not getting it....
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