Deposits Under Company’s Act 2013– Sec 73, 74, 75 &76 Now you can scroll down below and inspect complete details concerning Deposits Under Business’s Act 2013– Sec 73, 74, 75 & 76
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Deposits Under Business’s Act 2013– Sec 73, 74, 75 & 76
3 scenarios are there for accepting Deposits:–LRB-
- Personal company
- Public company
- Qualified public business
| Private Co. | Public Co. | Qualified public Co. |
| Can accept from director( no limitation) | Can accept from director (no limitation) | Director (no limitation) |
| Members( conditions) | Members (conditions) | Members (conditions) |
| public (conditions) |
Conditions for Ac cepting deposits from members
- It is covered U/s 73
- OR in GM
- CIRCULAR to members declaration revealing the financial position credit ranking total variety of depositors amount due.
- Copy of circular to ROC within 30
- Maintenance of liquid possession (deposit repayment reserve account) 15% of (current year next year) in schedule bank in a different savings account.
- Deposit insurance policy to be taken.
- Accreditation by the co àthat it has actually not dedicated any default in payment of deposit.
- Produce security in favour of the depositor (if unsecured then will be priced quote in every circular)
Conditions for accepting deposits from public (only Qualified company)
- It is covered u/s 76
- ELIGIBLE COMPANY à Business having internet worth ≥ 100 Crore or turnover ≥ 500
- SR in GM
- File with ROC
- Credit rating at the time of welcoming deposit & will be acquired every year throughout the period of deposit.
- Create a charge within 30 days of a quantity not less than the quantity of deposits.
- Advertise in 2 news paper
- Upkeep of liquid asset *
- Max cap on depositàpublic co 25% of paid up share capital free reserve. Federal government co 35% of paid up share capital totally free reserve.
- Public co can deposit from investor max 10% of paid up share capital free reserve. At any point of time deposit can not exceed 25% of paid up share capital & complimentary reserve
Penalty for conflict:–LRB-
- It is covered u/s 75
- If a co defaults then every officer of the business who is associated shall be accountable u/s
- Depositor can submit CLASS ACTION FIT against the co.
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