https://www.taxtmi.com/caselaws?id=198546 Deposits placed by a company with other companies were held not to be interchangeable with loans for purposes of company-law ceiling provisions. The analysis distinguishes a deposit, made for the depositor's benefit, from a loan, advanced for the borrower's needs, and notes that the Companies Act treats the two separately. Because the relevant provision carried penal consequences, it could not be extended by implication to cover deposits without clear statutory language. Separate description of the amounts in the balance-sheet as deposits did not alter their legal character. On that reasoning, the complaint based on alleged contravention was treated as unsustainable. en-us Tue, 11 Feb 1986 00:00:00 +0530 Fri, 02 Feb 2018 17:22:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198546 Deposits placed by a company with other companies were held not to be interchangeable with loans for purposes of company-law ceiling provisions. The analysis distinguishes a deposit, made for the depositor's benefit, from a loan, advanced for the borrower's needs, and notes that the Companies Act treats the two separately. Because the relevant provision carried penal consequences, it could not be extended by implication to cover deposits without clear statutory language. Separate description of the amounts in the balance-sheet as deposits did not alter their legal character. On that reasoning, the complaint based on alleged contravention was treated as unsustainable. Case-Laws Companies Law Tue, 11 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198546