deposits u/s 58A
This query is : Resolved
21 July 2010
can someone tell me that if in a company 58A section is apply, then what is the procedure for complying with the provisions u/s 58A..
Is there any clb petition for complying this???
Is there any clb petition for complying this???
21 July 2010
you have to take the permission directly from ministry so apply with ministry not clb
22 July 2010
can u explain this how can we take permission from ministry... tell me the complete procedure..
22 July 2010
to the best of my knowledge, no approval is required for accepting deposits. Only filing SLA with ROC is required beforing starting to accept deposits.
22 July 2010
can a public company accept deposits from its directors without any limit if he is not a shareholder of the Company...
and also tell me that can public company accept deposits from HUF??.
its urgent..
thanks in advance
and also tell me that can public company accept deposits from HUF??.
its urgent..
thanks in advance
22 July 2010
Deposits from directors fall under the category of exempt deposits and can be taken without any limit provided a declration is also taken that the deposit is from directors own funds.
HUF is not covered and hence 58a would attract.
HUF is not covered and hence 58a would attract.
22 July 2010
okk.. thanks.. but i think this exemption is for the private company dat deposits are taken from directors without any limit.... can u tell me the section which refers dat this is also applicable to public company
22 July 2010
The rules are very clear. It applies to public limited companies.
22 July 2010
ok.. thank u so much
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