Study the following case/situation and express your opinion.Apple Company Ltd. is an eligible Public Company. It plans to raise secured deposits from the public. Please advice its Board on the - Secretarial Practice

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Short Note

Study the following case/situation and express your opinion.
Apple Company Ltd. is an eligible Public Company. It plans to raise secured deposits from the public. Please advice its Board on the following. 
Does the company need to get shareholders approval for accepting deposits?

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Solution

Yes. The company needs to get shareholders' approval for accepting deposits. For this, the Board of Directors can pass a resolution in a general meeting for the approval of accepting deposits

Concept: Procedure for Accepting Deposits from Public
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Chapter 5: Deposits - Exercises [Page 92]

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Balbharati Secretarial Practice 12th Standard HSC Maharashtra State Board
Chapter 5 Deposits
Exercises | Q 3. 3. a. | Page 92
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