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Question
Study the following case/situation and express your opinion.
| Apple Company Ltd. plans to raise funds through Public Deposits. Its net worth is ₹10 Crores. |
- Can they accept deposits from the public?
- Can they accept deposits that mature after 4 years?
- Within what period should the company issue deposit Receipts to its depositors?
Solution
- No, they cannot accept deposits from the public. As per the rule, any public company having a net worth of Rs 100 crore or more can accept deposits from the public. In fact, this company can accept deposits from its members or directors.
- As per the rules, the deposit period should not be less than 6 months and more than 36 months. Thus, they cannot accept deposits that mature after 4 years.
- The company should issue Deposit Receipt to the depositors within twenty-one (21) days from the date of receipt of money or realization of the cheque. The receipt has to be signed by the officer duly authorized by the Board of Directors.
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