Deposit in company
sheik javid (student) (281 Points)
01 May 2018
Does purchasing of shares can be considered as deposit?
3 Replies
Sana Sultana Mussu
(Student)
(5119 Points)
Replied 02 May 2018
yes it cannot be considered as deposit
Shrijay Sheth
(Co-Founder)
(2692 Points)
Replied 10 May 2018
The purchase of shares is not considered as deposit in the company. The deposit under Companies Act, 2013 defines deposits under section 2(31) as:
"deposit" includes any receipt of money by way of deposit or loan or in any other form by a company, but does not include such categories of amount as may be prescribed in consultation with the Reserve Bank of India.
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