Sec 58A Acceptance of Public Deposits
This query is : Resolved
Rishi Vyas
(Querist)
27 January 2009
Who can accept Public Deposits ? Where can I find complete procedure and formats for inviting public deposits by a public limited company(manufacturing)
CS Vivek Hegde
(Expert)
27 January 2009
Rishi
A public limited co can accept public deposits. But a pvt co cant bcz of the restriction in the Articles(Sec 3(1)(iii)(d)).
U can see the Companies(Acceptance of Deposit)Rules 1975 for the procedure.
It is to be noted that the proposed Companies Bill 2008 does not allow acceptance of deposits. It is a setback for the corporates as the PUBLIC DEPOSIT is one of the easy and cheapest way of finance.
A public limited co can accept public deposits. But a pvt co cant bcz of the restriction in the Articles(Sec 3(1)(iii)(d)).
U can see the Companies(Acceptance of Deposit)Rules 1975 for the procedure.
It is to be noted that the proposed Companies Bill 2008 does not allow acceptance of deposits. It is a setback for the corporates as the PUBLIC DEPOSIT is one of the easy and cheapest way of finance.
Rishi Vyas
(Querist)
27 January 2009
Dear Vivek,
I have gone through the said Rules but havent found the step by step process and also the formats for Application, Advertisement, Receipt etc.
Is there any handbook for the same?
I have gone through the said Rules but havent found the step by step process and also the formats for Application, Advertisement, Receipt etc.
Is there any handbook for the same?
CS Vivek Hegde
(Expert)
28 January 2009
If u want detailed procedure u can refer COMPANY LAW PROCEDURE by TAXMANN...
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