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Question
Explain the following term/concept.
Secured Deposit
Solution
- A company can accept secured or unsecured deposits which should be clearly mentioned in every circular, form, advertisement, or in any document related to invitation or acceptance of deposits.
- If the company intends to issue Secured Deposits, it shall create security in favour of trustees within 30 days of acceptance of deposits. Trustees should ensure about the security of depositors. If there is any default in repayment, trustees should organize a meeting of depositors - Rules 6 to 8 of Companies (Acceptance of Deposits) Rules, 2014.
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| CC Company Ltd. is an eligible Public Company as per the Companies Act, 2013 with reference to accepting Public Deposits. |
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- Can the company accept deposits from its members?
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