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

CS Mitesh Mehta (Expert)
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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.