https://www.taxtmi.com/caselaws?id=425167 Share application money paid in 2010 was governed by the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975, because the Companies Act, 2013 and the 2014 Rules came into force only from 1 April 2014; those later provisions were therefore inapplicable. Amounts received as subscription to shares pending allotment fall outside the definition of deposit under the 1975 Rules, so the payment could not be treated as a deposit. As a result, no penal interest arose and writ relief against the official respondents was declined, leaving the petitioner to pursue other available remedies. en-us Fri, 15 Jul 2022 00:00:00 +0530 Mon, 18 Jul 2022 09:15:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425167 Share application money paid in 2010 was governed by the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975, because the Companies Act, 2013 and the 2014 Rules came into force only from 1 April 2014; those later provisions were therefore inapplicable. Amounts received as subscription to shares pending allotment fall outside the definition of deposit under the 1975 Rules, so the payment could not be treated as a deposit. As a result, no penal interest arose and writ relief against the official respondents was declined, leaving the petitioner to pursue other available remedies. Case-Laws Companies Law Fri, 15 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425167