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Acceptance_deposits_less than 6 months

This query is : Resolved 
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(Querist)
19 September 2012 Dear Experts,

This query relates to acceptance of deposits by company

The Companies (Acceptance of deposits) rules say:

A company can accept deposits for repayment earlier than 6 months subject to 2 conditions
1)Deposit not to exceed 10% of paid up capital and free reserves
2)Not repayable earlier than 3 months
Can a company accept deposits repayable in 6 months?
Also, if the Company fulfills the above conditions, does it still needs to fulfill the other conditions viz, advertisement or statement in lieu of advertisement, maintenance of liquid assets etc.

Please share your views.

Thank you
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CS Ankur Srivastava

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CS Ankur Srivastava (Expert)
19 September 2012 Yes, all other conditions are to be complied with all these are mandatory conditions without which the company cannot accept / renew deposit.
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