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Question
Study the following case/situation and express your opinion.
SUN Pvt. Ltd. company wants to raise funds through deposits.
- Can the company accept deposits from the public?
- Which document should the company issue to invite deposits?
- What is the maximum period for which they can accept deposits
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Solution
- No, the company cannot accept deposits from the public. This is because SUN Pvt. Ltd. is a private limited company and it cannot accept deposits from the public. Only eligible public companies and government companies can accept deposits from the public.
- In the above case, SUN Pvt. Ltd. is a private limited company. Thus, it should issue a circular to invite deposits from its members.
- The maximum period of accepting deposits is 36 months. Thus, it can accept deposits for a maximum period of 36 months.
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