Deposits Under Company’s Act 2013 – Sec 73, 74, 75 & 76

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-

  1. Personal company
  2. Public company
  3. 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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