Priyanka (CS) (141 Points)
29 April 2010Hi there,
Can a company accept unsecured deposits from its employees. ie Interest free deposits.
pls note that our company also files returns under Section 58A and a Statement in lieu of advertisment is also filed with ROC every year.
pls reply at the earliest.
Regards
Priyanka
Ankur Garg
(Company Secretary and Compliance Officer)
(114778 Points)
Replied 29 April 2010
Yes a company can accept unsecured deposits from the employees but you have to fulfill the requirements of section 58A along with deposit rules, 1975.
To accept further company should not be at any default regarding previous deposits. Give a deep reading to section 58A and 58AA.
Regards
Vikas Marele
(CA in Service)
(1144 Points)
Replied 11 March 2011
Dear priyanka, take also reference of Sec 417......!
PF & ESI Course - Labour Code 2019 Along with Examples and Case Studies
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