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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Companies Must Deposit Employee Funds Within 15 Days Under Section 417 of the Companies Act, 1956</h1> Section 417 of the Companies Act, 1956 mandates that any money or security deposited by an employee with a company as part of their employment contract must be deposited by the company within fifteen days into a post office savings bank account, a special account in the State Bank of India, or a Scheduled Bank. If the company is a Scheduled Bank, it can deposit in a special account within itself or another Scheduled Bank. These funds cannot be used by the company except as agreed in the employment contract. Receipts for such deposits are not considered securities under this section.
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