Thursday, November 13, 2014

Refund of deposit to Loosing Directors under section 160 by Section 8 Company (Erstwhile Section 25)

In case the companies registered under section 8 of the Companies Act, 2013 (corresponding to section 25 of Companies Act, 1956) receive deposit of rupees one lakh under sub-section (1) of section 160 of the Companies Act, 2013, then the Board of directors of the section 8 company is to decide as to whether the deposit made by or on behalf of the person failing to secure more than twenty-five percent of the valid votes is to be forfeited or refunded.

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