hether Separate Bank Account in scheduled Bank to be opened for each offer? There is always confusion regarding this question from the beginning of Commencement of Section 42.
he provision reads as “the monies received on application under this section shall be kept in a separate bank account in a scheduled bank”. Hence there is no need of opening of Separate Bank account every time, it is sufficient if the Company maintains a Separate account with scheduled Bank, which is not used for regular or any other purpose.
Glasp is a social web highlighter that people can highlight and organize quotes and thoughts from the web, and access other like-minded people’s learning.