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Companies Act-Phase (I & II) Share capital and debentures Add to Study Deck

Every company shall pay a penal rate of interest……………….for the overdue period in case of deposits, whether secured or unsecured, matured and claimed but remaining unpaid

20% p.a.

10% p.a.

12% p.a.

18% p. a

Explanation:

A penal rate of interest of eighteen per cent. shall be paid for the overdue period in case of public deposits matured and claimed but remaining unpaid. In case of deposit made by a small depositor, the penal rate of interest shall be twenty per cent.