Resolution For Acceptance of Deposits From Members or Public

Resolution For Acceptance of Deposits From Members or Public

November 06, 2016
     

Resolution-Acceptance-Deposits-members-public

As per the provisions of section 73(2) of the Companies Act 2013 a company may, subject to the passing of a resolution in general meeting and subject to such rules as may be prescribed in consultation with the Reserve Bank of India, accept deposits from its members subject to the fulfillment of specified conditions.

A public company having a net worth of not less than Rs. 100 Crores or turnover of not less than Rs. 500 Crores may accept deposits, which has obtained the prior consent of the members in a general meeting by means of Special Resolution and also filed the special resolution with the Registrar of Companies before making any invitation to the public for acceptance of deposits.

An eligible company, which is accepting deposits within the limit specified under section 180(1)(c) may accept deposits by means of an Ordinary Resolution.

The limit specified under section 180(1)(c) :
Money to be borrowed, together with the money already borrowed by the company shall not  exceed the aggregate of its paid-up share capital and free reserves, apart from temporary loans obtained from the company‘s bankers in the ordinary course of business:

Resolution For Acceptance of Deposits From Members or Public


"RESOLVED THAT pursuant to the provisions of Section 73 and 76 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014 and other applicable provisions, if any, and subject to such conditions, approvals, permissions, as may be necessary, consent of the members be and is hereby accorded to the Company inviting/accepting/renewing secured/unsecured deposits from its members/public.
FURTHER RESOLVED THAT _________ of the company, be and is hereby authorised to issue the circular/circular in the form of advertisement in Form no DPT-1, which has been approved by the Board of Directors of the Company at their meeting and file DPT-1 with the Registrar before 30 days of issuing to the public.
FURTHER RESOLVED THAT for the purpose of giving effect to this Resolution, the Board of Directors be and is hereby authorised to do such acts, deeds, matters and things as they may in their absolute discretion consider necessary, proper, expedient, desirable or appropriate and take all necessary and desirable steps for the aforesaid purpose and matters incidental thereto."
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