09 May 2012
A public ltd (unlisted) is media company and runs a local channel on tv. It wants to invite local public by advertising on its channel that any1 who wishes to become a member can deposit amount in the 3 forms(schemes) : Rs. 100/Rs.500/ Rs. 1000...Can it do so??? will it attract sec 58A u/s comp act, 1956
Guest
Guest
(Expert)
09 May 2012
What kind of scheme the company is offering? Does it relate to its services being offered. If this is the case then it will not attract 58A.
If the amount to be received by the company is purely deposit and nothing to do with the services then it has to comply with the provisions of 58A
CAclubindia
