Deposit exemption for small-scale industrial units subject to limits on paid-up capital, depositor count, and no public invitations. Notification GSR 48(E) exempts specified small scale industrial units from section 58A of the Companies Act, 1956, provided they meet four cumulative conditions: a prescribed ceiling on paid up capital, acceptance of deposits from no more than a prescribed number of persons, no public invitation for deposits, and a prescribed cap on aggregate deposits (or the company's paid up capital, whichever is less). The notification defines small scale industrial unit by state registration and a prescribed investment ceiling in plant and machinery and adopts the Companies (Acceptance of Deposits) Rules, 1975 definition of 'deposit.'
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Provisions expressly mentioned in the judgment/order text.
Deposit exemption for small-scale industrial units subject to limits on paid-up capital, depositor count, and no public invitations.
Notification GSR 48(E) exempts specified small scale industrial units from section 58A of the Companies Act, 1956, provided they meet four cumulative conditions: a prescribed ceiling on paid up capital, acceptance of deposits from no more than a prescribed number of persons, no public invitation for deposits, and a prescribed cap on aggregate deposits (or the company's paid up capital, whichever is less). The notification defines small scale industrial unit by state registration and a prescribed investment ceiling in plant and machinery and adopts the Companies (Acceptance of Deposits) Rules, 1975 definition of "deposit."
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