If a Pvt Company is taking security deposit from an agent or Consignemnt agent whether it will be regarded as Deposit U/s 58A..Please Clarify.
2 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 26 April 2013
No It will not be regarded as deposit u/s 58A, becasue only deposits taken from public will attract the provisions of section 58A. As the security deposit is being taken from an Security Agent it will not come under the purview of section 58A.
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 27 April 2013
No it will not be treated as Deposit under Section 58A.
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