‘Deposit’ in Balance Sheet not ‘deposit’, compliance of Co. Law conditions mandatory
CLB dismisses petition u/s 58A(9) of Cos. Act, 1956 filed by relatives of the director-respondents (‘petitioners’) claiming repayment of ‘deposits’ along with interest from respondent co.; Notes that partnership firm was converted into co. (i.e. respondent co.) and parties to the petition are close relatives / family members, states “money’s given to firm prior to its conversion into a private limited co. is not in nature of deposits as provision of deposit and its rule are not applicable to firm”; Observes that even if money given by petitioner is treated as ‘deposit’, the same falls within exemption under Rule 2 (b) of Cos. (Acceptance of Deposit) Rules, 1975 (as the Rule exempts amounts received from relatives of directors or members from ‘deposit’); Rejects respondent’s contention that outstanding amount is disclosed under the head ‘deposits’ in Balance Sheet, opines“such amount shown in balance sheets of respondent co. are not fulfilling the mandatory requirements of Section 58A and Co. Rules are not ‘deposits’”, and dismisses prayer for deposit repayment:Kolkatta CLB
Company Secretary GAURAV SHARMA+919990694230 Email us [email protected]
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CLB dismisses petition u/s 58A(9) of Cos. Act, 1956 filed by relatives of the director-respondents (‘petitioners’) claiming repayment of ‘deposits’ along with interest from respondent co.; Notes that partnership firm was converted into co. (i.e. respondent co.) and parties to the petition are close relatives / family members, states “money’s given to firm prior to its conversion into a private limited co. is not in nature of deposits as provision of deposit and its rule are not applicable to firm”; Observes that even if money given by petitioner is treated as ‘deposit’, the same falls within exemption under Rule 2 (b) of Cos. (Acceptance of Deposit) Rules, 1975 (as the Rule exempts amounts received from relatives of directors or members from ‘deposit’); Rejects respondent’s contention that outstanding amount is disclosed under the head ‘deposits’ in Balance Sheet, opines“such amount shown in balance sheets of respondent co. are not fulfilling the mandatory requirements of Section 58A and Co. Rules are not ‘deposits’”, and dismisses prayer for deposit repayment:Kolkatta CLB
Company Secretary GAURAV SHARMA+919990694230 Email us [email protected]
https://gauravsharmaassociates.wordpress.com https://femaindiaservices.wordpress.com
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