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of <h1>Clarification: Employees and Ex-Employees Considered 'Public' for Deposits Under Companies Act Section 58A(1.</h1> The circular clarifies the interpretation of the term 'public' in section 58A(1) of the Companies Act regarding public deposits. It addresses a misconception that employees and ex-employees are not considered part of the 'public' for the purposes of this section, and thus, deposits from them fall outside its scope. After thorough examination, the Department advises that the term 'public' includes employees and ex-employees. Consequently, deposits from these individuals are subject to the same provisions and rules under section 58A as those from other public categories.
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