Ankur Garg (Company Secretary and Compliance Officer) (114773 Points)
15 May 2009
PUBLIC DEPOSITS
Under Section-58A (2) no company shall invite any deposit unless the company is not in default in the payment of any deposit/part thereof and any interest thereupon in accordance with the terms and conditions of such deposits. Since, section prohibits only to invite deposits in cases of defaults. Further Company Law Board (CLB) in such cases may allow company to accept deposits as restriction is only on invitation.
CA Swapnil
(job )
(1205 Points)
Replied 15 May 2009
good work...if u could include case studies based on section...i mean below the section...u submit the case study(as pcc paper has case study)...only a suggestion...
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 17 May 2009
First of all thanks for the response coz nobody was responding to this kind of posts.
and then thanks for the reading & suggestion...
CAclubindia
