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Deposits from public

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(Querist)
03 September 2011 XYZ private Limited company,company is in business of developing residential plot and wants deposits from public. It has a scheme in which, if a person invest amount in company's 3 years, 5 years & 6 Years (Like R.D. F.D. etc) and at the time of maturity pay him some amount. as per agreement between company & Depositors
can company do so?
if yes what the procedures?
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CS SAJU PHILIP MANALEL

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CS SAJU PHILIP MANALEL (Expert)
03 September 2011 A private limited company is prohibited frin accepting deposits from public i.e. from persons other than its members, directors and relatives of director as per section 3(1)(iii) and section 58A read with Compnies Aceptance of Deposits Rules 1975

CS Saju Philip
sajuphilipcs@yahoo.com
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