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If a Company accepts advances against supply of goods on 15-05-2014 i.e after commencement of new Companies Act which not appropriated against supply of goods for the reasons of request of refund of amount by the customer due to change of mind. It is not the case of amount become refundable for the reason of not having permission or approval to deal in the goods. In such a case ,if the company refunds the amount within 365 days with interest ,whether it will be contravention of Sec 73-76 of the Act.

Section 73- Prohibition on acceptance of deposits from public.

Posted By: Ca vinod goyal 9 year(s) ago

This question has been closed if you want to answer,you have to re-open.


Expert    Ankit Singhi

I don't think it will be a contravention

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