Public Deposits - Acceptance of ‑ Scope and provision of Companies (Acceptance of Deposits) Rules, 1975 explained - Companies Law - Letter : No. 4/1/76‑CL‑XIV,

Letter : No. 4/1/76 ‑ CL ‑ XIV, dated 5 ‑ 2 ‑ 1976. Subject:-Public Deposits - Acceptance of ‑ Scope and provision of Companies (Acceptance of Deposits) Rules, 1975 explained Query : In terms of rule 10, every company to which these Rules apply is required to submit a return in the prescribed form. Under rule 1(3), all companies which are not banking companies and not financial companies are covered by the said Rules. However, it is not clear whether in the case of a non‑financial company, which does not accept any deposits within the meaning of the Rules, a nil return has to be filed. It can be stated, unless a company accepts a deposit within the meaning of the Rules, the Rules do not become applicable to that particular company and consequently there is no need to submit a nil return. Answer : A nil return under rule 10 is not required to be submitted to the Registrar of Companies.