Debenture ‑ Whether fixed deposit constitutes “debenture” within the meaning of clause (12)

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e of this department that a company in South India issued an advertisement in English Daily inviting fixed deposits from the public to carry out its expansion and development plans and that the Registrar of Companies concerned advised the company that inasmuch as such an advertisement partook the nature of a prospectus within the meaning of section 2(36), the provisions of sections 56(3) a .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... es of widespread abuse of the procedure by companies are brought to the notice of this Department. It has, therefore, been decided that for the present, though a fixed deposit receipt may be regarded as a security, it should not be regarded as debenture within the meaning of section 2(12). - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxman .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X