Public deposit in private limited

Amol Patil (Executive - Accounts) (52 Points)

02 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?