15 April 2011
There is an MOU between a PVT LTD Co. and a proprietary firm which states that the company will receive a deposit of Rs. 100 lacs and will pay an interest @12% p.a.on the said deposit. My question is 1. Can a pvt ltd company accept the deposit from one of its business associates such as distributor of its product? 2. is it permissible to accept Trade deposit from outsiders u/s 58A and if not, whats the penalty?
CAclubindia
