Deposits

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Nirmala Agarwal (Querist)
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23 July 2013 if the public limited company already accepted the deposits from public (individual) (deposits taken on 05.07.13) for the period of three months and has not filed statement in lieu of advertisement before acceptance of deposit, Can i file the same now, after acceptance of deposits or is this amounts to non compliance?

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Ajay Mishra

Ajay Mishra (Expert)
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23 July 2013 Hi

Actually, deposit means unsecured borrowing by a company in accordance with the Companies (Acceptance of Deposits) Rules, 1975. According to Rules, the following terms are essential for a deposit:—
(a) The deposit shall not be repayable on demand.
(b) The deposit shall be for a fixed period i.e. not less than six months and not exceeding thirty-six months.
(c) The rate of interest shall not exceed the prescribed rates.

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