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Question
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?
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Solution
- Yes, the company can accept deposits in the joint names of the depositors. But there should not be more than 3 names.
- According to the Companies Act of 2013, CC Company Ltd. is a qualified public company. As a result, it can accept deposits from both its members and the general public.
- Yes, the firm can make secured deposits. If a business offers secured deposits, it must create a charge against its tangible assets within 30 days of acceptance.
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RELATED QUESTIONS
Select the correct answer from the options given below and rewrite the statement:
Deposit is a type of ______________________.
Return of deposit must be filed every year on or before ______.
Write a word or a term or a phrase which can substitute the following statement.
Period within which a company has to create a charge on its tangible assets
Write a word or a term or a phrase which can substitute the following statement.
Document issued by a company to invite its members to subscribe for its Deposits.
Write a word or a term or a phrase which can substitute the following statement.
Time within which company has to issue deposit Receipt
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 Trust Deed is an agreement between company and Deposit Trustee
Complete the sentence:
Agency which gives ratings of the deposits of a company is called ______________.
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.)
Arrange in proper order.
a. Appoint Deposit Trustee.
b. Hold General Meeting.
c. Create charge on assets.
Explain the following term/concept.
Tenure of Deposit
Explain the following term/concept.
Secured Deposit
Explain the following term/concept.
Deposit Trustee
Explain the following term/concept.
Deposit Repayment Reserve Account.
Justify the following statement.
Companies have to create a charge on their tangible assets while issuing secured deposits.
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.)
