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Question
Study the following case/situation and express your opinion.
Apple Company Ltd. is an eligible Public Company. It plans to raise secured deposits from the public. Please advise its Board on the following.
- Does the company need to get shareholders’ approval for accepting deposits?
- Does the company have to appoint a Debenture Trustee?
- Within what period should the company create a charge on its assets?
Solution
- Yes, Apple Company Ltd. needs to get the shareholders’ approval for accepting deposits. The company holds a General Meeting of the shareholders to seek their approval.
- No, the company need not appoint debenture trustee. However, when issuing secured deposits, eligible companies and public companies have to appoint one or more deposit trustees. The trustees protect the interest of the depositors.
- The company has to create a charge on its tangible assets within 30 days of acceptance of deposits. The charge is created for an amount not less than the amount of deposit accepted.
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SUN Pvt. Ltd. company wants to raise funds through deposits.
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Study the following case/situation and express your opinion:
ABC Limited a registered company has a clause of accepting deposits from the General Public in a Memorandum of association.
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