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          <h1>Companies Act Section 58A: Companies Must Advertise Financial Position Before Inviting Deposits; Penalties for Non-Compliance</h1> Section 58A of the Companies Act, 1956, mandates that companies must not invite deposits without issuing an advertisement. The Central Government, in consultation with the Reserve Bank of India, sets the limits and conditions for accepting deposits. Companies must issue an advertisement detailing their financial position before inviting deposits and must not be in default of any previous deposit repayments. Violations can lead to fines and imprisonment for company officers. Certain exemptions apply to banking companies and others specified by the government. The Tribunal may order repayment of deposits if a company defaults, with penalties for non-compliance.

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