High Court Confirms Advances for Property Sales Exempt from Deposit Classification u/r 2 (1) (c) (xii) (b.

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....Scope of 'deposits" - advances received towards sale consideration of immovable property - To unlock the funds invested in development of the lay outs etc., the 1st petitioner company had offered to sell the land in its possession and for this purpose entered into written agreement/arrangement. By virtue of proviso to Rule 2 (1) (c) (xii) (b) of the Companies (Acceptance of Deposits) Rules, 2014, the advances received by the 1st petitioner for sale of immovable property are exempted from the purview of the deposits. - HC....