Whether retention money held from contractors fall within the definition of deposits

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HEMANTH RANKA

Tax & Financial Consultants

360 Points Joined July 2014

In this case the company has deducted from amounts payable to contractors amount towards security deposits and has defaulted in payment of the same. whether this amounts to contravention of provisions relating to deposits of the companies act, 2013

Replies (1)

Deepen

Company Secretary

144 Points Joined March 2013

In the present situation,it has to confirm the terms agreed in agreement or contract,and it has been said that default is made,thus it is liable for interest.