Love Kumar (COMPANY SECRETARY) (101 Points)
10 February 2011A listed company accepted deposits in 1996 which were due for repayment in 1997. but was unablle to repay .
The company filed Form DDB with ROC in respect of the same.
However. the deposits still exist in its balance sheet. the company never accepted any new deposits.
Now my query is whether the company was required to file SLA and Return of deposits every year or not?
Thanks & Regards,
SANTOSH SHAH
(Company Secretary)
(754 Points)
Replied 11 February 2011
| Originally posted by : Love Kumar | ||
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A listed company accepted deposits in 1996 which were due for repayment in 1997. but was unablle to repay . The company filed Form DDB with ROC in respect of the same. However. the deposits still exist in its balance sheet. the company never accepted any new deposits. Now my query is whether the company was required to file SLA and Return of deposits every year or not? Thanks & Regards, |
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Hi Kumar
Am little surprised that when the company has not repaid the deposits due since 1997, and no one has come back on that till date ?. Its a serious issue.
The company cannot accept further any deposits, where already it has made default for the earlier one.
I guess you have to file Returns with the ROC on or before 30th June every year furnishing information as on 31st of march as of that year. Please refer Companies Acceptance of Deposits Rules for reference.
A copy of return also needs to be furnished to RBI.
Experts view appreciated.Pardon me if am wrong.
regards
Santosh Shah
CAclubindia
