Deposit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 December 2018
When a private company is accepting deposit from members, within limit, is it also required to issue circular to members? As per my understanding consent of members is required to be obtained in general meeting for accepting deposits (in limits) and forms MGT 14 and DPT 3 have to be filed with ROC. DPT 3 will be filed as an attachment to GNL 2. Kindly advise if my understanding is correct.
CS Mitesh Mehta
(Expert)
18 December 2018
Clause (a) to (e) of Section 73(2) will not be applicable on Private Limited Company if deposit is up to 100% of paid up share capital, Free Reserve and security premium account.
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