Deposit - urgent

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 September 2012 Dear members,

What if the company had accepted interest free deposit for more than 36 months.

Is there is any penalty or compliance.

The company cannot refund the amount neither the depositor demanding for the same.

But what compliance the co. should make to comply the provisions of law.

CS Ankur Srivastava

CS Ankur Srivastava (Expert)
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27 September 2012 The minimum and maximum tenure of deposit given under Acceptance of Deposit Rules, 1975 is:

Minimum : 6 Months

Maximum : 3 Years

Querist : Anonymous

Querist : Anonymous (Querist)

27 September 2012 Thanks

But i know that the maximum time limit mentioned in rules is 36 Months.

My query is the

What if company accepted the deposit for more than 36 months.

What compliance to be done. If neither company to return the amount nor depositor is demanding. Its interest free deposit.

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CS Ankur Srivastava

CS Ankur Srivastava (Expert)
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27 September 2012 Break the term of deposit, more than 3 years is not provided under acceptance of deposit rules, 1975, you can not file it into return of deposit.

Break the term and renew the deposit for further term.

We have to always cover the acts of company withing the provisions of Act...

Querist : Anonymous

Querist : Anonymous (Querist)

28 September 2012 When u go through with Return of Deposit.

Then in the format itself its is written that "Deposit accepted more than 3 yrs."

But if we cann't accept why the same is written in Return of Deposit.

CS Ankur Srivastava

CS Ankur Srivastava (Expert)
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01 October 2012 Yes you are right, however my friend, it is to report the accurate deposit position.It also ask for the details of deposit accepted below 6 months.

However, under acceptance of deposit rules you can not accept more than 3 months deposit.