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Question
Explain the following term/concept.
Secured Deposit
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Solution
- A company can accept secured or unsecured deposits, which should be clearly mentioned in every circular, form, advertisement, or in any document related to the invitation or acceptance of deposits.
- If the company intends to issue Secured Deposits, it shall create security in favour of trustees within 30 days of acceptance of deposits. Trustees should ensure the security of depositors. If there is any default in repayment, trustees should organise a meeting of depositors – Rules 6 to 8 of Companies (Acceptance of Deposits) Rules, 2014.
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Answer in brief.
State the contents of circular or Advertisement for Deposit
Justify the following statement.
Companies have to create a charge on their tangible assets while issuing secured deposits.
Arrange in Proper Order:
(a) Payment of Deposits
(b) Deposit Receipt
(c) Acceptance of Deposit
Study the following case/situation and express your opinion.
| CC Company Ltd. is an eligible Public Company as per the Companies Act, 2013 with reference to accepting Public Deposits. |
- Can the company accept deposits in joint names?
- Can the company accept deposits from its members?
- Can the company issue secure deposits?
