Section 58AAA - Default in acceptance or refund of deposits to be cognizable. - Companies Act, 1956

Default in acceptance or refund of deposits to be cognizable. 58AAA. (1) Notwithstanding anything contained in sections 621 and 624, every offence connected with or arising out of acceptance of deposits under section 58A or section 58AA shall be cognizable offence under the Code of Criminal Procedure, 1973 (2 of 1974). (2) No court shall take cognizance of any offence under sub-section (1) except on a complaint made by the Central Government or any officer authorised[1] by it in this behalf.] ---------------------------------- Notes:- [1] Central Government has notified the Regional Director of the Department of Company Affairs as the authorised officer vide the Companies (Acceptance of Deposits) Second Amendment Rules, 2001, w.e.f. 25-9-2001.