Section 73 of CA 2013 : Section 73: Prohibition On Acceptance Of Deposits From Public
CA 2013
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Explanation using Example
Imagine a situation where ABC Pvt. Ltd., a company that manufactures electronic gadgets, decides to raise funds for expanding its production line. Instead of taking a loan from a bank, the company opts to accept deposits from its members (shareholders). To comply with Section 73 of the Companies Act, 2013, ABC Pvt. Ltd. conducts a general meeting where the shareholders pass a resolution allowing the company to accept deposits.
Before accepting any deposits, ABC Pvt. Ltd. prepares a detailed circular that includes the company's financial position, credit rating, and information about previous deposits. This circular is sent to all members and a copy is filed with the Registrar of Companies 30 days...
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