explain section 245

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PRAVESH JAIN

EMPLOYEE

144 Points Joined June 2008

please elaborate in simple words....who are depositors in this section???

Replies (2)

Himani Singh

Chartered Accountant

48 Points Joined September 2017

Hello,

Depositors under section 245 is a person who has deposited money with the company as per the provisions u/s 73(2) or 76 of the act. Every company accepting deposits from depositors maintains a register of complete information of deposits and depositors.

Deposits here can be money deposited in the form of advance or loan or any other, given to the company.

Thanks!