COMPANY LAW : Where company ITNL had floated non-convertible debentures through private placement basis only to select group of persons and no advertisement was made soliciting deposits from public to invest in ITNL, issuance of debentures by ITNL could not be termed as ‘deposits’ as defined under section 2(2) of TNPID Act nor company floating private placement scheme could be termed to be a ‘financial establishment’ as defined under section 2(3) of TNPID ActCOMPANY LAW : Where company ITNL had floated non-convertible debentures through private placement basis only to select group of persons and no advertisement was made soliciting deposits from public to invest in ITNL, issuance of debentures by ITNL could not be termed as ‘deposits’ as defined under section 2(2) of TNPID Act nor company floating private placement scheme could be termed to be a ‘financial establishment’ as defined under section 2(3) of TNPID Actwww.taxmann.com Latest Case LawsRead More
