Advertisements
Advertisements
Question
Explain the following term/concept.
Deposit Trustee
Advertisements
Solution
(1) Every company inviting deposits under section 73, of Companies Act 2013, shall appoint deposit trustees for creating security for its deposits, which shall be mentioned on the circular. Written consent shall be obtained from the trustee before their appointment.
(2) A deposit trust deed has to be signed at least 7 days before the issue of the circular. Deposit trustees cannot be removed after the issue of circular / advertisement and before the expiry of his term except with unanimous consent of all directors present at the meeting of the Board, which shall include an independent director if any.
APPEARS IN
RELATED QUESTIONS
Select the correct answer from the options given below and rewrite the statement:
For premature repayment of deposit, company deducts __________ % of interest.
Write a word or a term or a phrase which can substitute the following statement.
Maximum tenure of a deposit
State whether the following statement is true or false.
A private company can collect deposits from public.
State whether the following statement is true or false.
Deposit Receipt is issued within 21 days of receipt of deposits.
Select the correct option from the bracket.
| Group 'A' |
Group 'B' |
|
a) Government Company |
1) ___________________ |
|
b) ___________________ |
2) Deposits from members |
|
c) 36 months |
3) ___________________ |
|
d) ___________________ |
4) Charge on tangible assets |
|
e) Return of deposit |
5) __________________ |
(File on or before 30th June, Private Company, Secured deposits, Deposits from public, Maximum tenure of deposits.)
Correct the underlined word and rewrite the following sentence.
Company appoints Credit Rating Agency to protect the interest of Depositors.
Correct the underlined word and rewrite the following sentence.
Charge on assets is created when company issues unsecured deposit.
Explain the following term/concept.
Secured Deposit
Explain the following term/concept.
Charge on tangible assets
Answer in brief.
State the contents of circular or Advertisement for Deposit
Justify the following statement
While issuing secured deposits, company has to appoint Deposit Trustee.
Answer the following question:
Explain the provisions related to circular or advertisement for inviting deposits.
Select the correct option from the bracket.
| Group ‘A’ | Group ‘B’ | ||
| a) | Retained earnings | 1 | ______ |
| b) | ______ | 2 | Written communication |
| c) | 36 months | 3 | ______ |
| d) | ______ | 4 | Charge on assets |
| e) | Cash sales | 5 | ______ |
(Less working capital, Correspondence, Secured debentures, Internal source of finance, Maximum tenure of deposits.)
Give one word or phrase for the following sentence:
Type of company that can accept deposits only from its members or directors.
Arrange in Proper Order:
(a) Payment of Deposits
(b) Deposit Receipt
(c) Acceptance of Deposit
