public deposits
This query is : Resolved
ibha singh
(Querist)
23 January 2010
what are celing for acceptance of deposits u/s 58A
CA Vijay Kumar Gupta
(Expert)
28 January 2010
Aggregate of paid up capital and free reserves Less unprovided depreciation (if any)
Ankur Garg
(Expert)
28 January 2010
Limit of amount for acceptance of deposits
As per rule 3(2) a company may accept deposits from the public upto the following limits subject to fulfillment of the conditions of the Companies (Acceptance of Deposit) Rules, 1975:—
(a) upto 10% of its paid-up capital and free reserves from its shareholders (other than a shareholder in a private company). These deposits may also include any deposit from any person guaranteed by a director of the company or against unsecured debenture issued by a company;
(b) upto 25% of the paid-up capital and free reserves of the company from public.
As per rule 3(2) a company may accept deposits from the public upto the following limits subject to fulfillment of the conditions of the Companies (Acceptance of Deposit) Rules, 1975:—
(a) upto 10% of its paid-up capital and free reserves from its shareholders (other than a shareholder in a private company). These deposits may also include any deposit from any person guaranteed by a director of the company or against unsecured debenture issued by a company;
(b) upto 25% of the paid-up capital and free reserves of the company from public.
Ankur Garg
(Expert)
28 January 2010
Limit applicable for borrowing by a Government company
Rule 3(2A) provides that a Government company may accept or renew deposits, if the amount of such deposits does not exceed 35% of its paid-up capital and free reserves including any short-term deposits accepted by a government company up to 10% of its paid-up capital and free reserves.
Rule 3(2A) provides that a Government company may accept or renew deposits, if the amount of such deposits does not exceed 35% of its paid-up capital and free reserves including any short-term deposits accepted by a government company up to 10% of its paid-up capital and free reserves.
CA Vijay Kumar Gupta
(Expert)
28 January 2010
sorry for the typing error. agree with the expert Ankur Garg.
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