Deposit in company
sheik javid (student) (281 Points)
01 May 2018
Does purchasing of shares can be considered as deposit?
sheik javid (student) (281 Points)
01 May 2018
Sana Sultana Mussu
(Student)
(5119 Points)
Replied 02 May 2018
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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