https://www.taxtmi.com/caselaws?id=97423 An employee's mandatory deposit was treated as a security deposit under section 282B of the Indian Companies Act, 1913 because the employment terms and conduct showed it was meant to secure loss caused by him. The provision was held to apply broadly to all moneys or securities deposited under a contract of service, and it required the amount to be kept in a special account in a scheduled bank. Office-bearers were found to have knowingly contravened the section because the society followed a long-standing practice of retaining employee security money itself. No prejudice arose from the alleged procedural omissions under criminal procedure. en-us Wed, 25 Jul 1956 00:00:00 +0530 Mon, 16 Jan 2012 16:11:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97423 An employee's mandatory deposit was treated as a security deposit under section 282B of the Indian Companies Act, 1913 because the employment terms and conduct showed it was meant to secure loss caused by him. The provision was held to apply broadly to all moneys or securities deposited under a contract of service, and it required the amount to be kept in a special account in a scheduled bank. Office-bearers were found to have knowingly contravened the section because the society followed a long-standing practice of retaining employee security money itself. No prejudice arose from the alleged procedural omissions under criminal procedure. Case-Laws Companies Law Wed, 25 Jul 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97423