Section 76 of CA 2013 : Section 76: Acceptance Of Deposits From Public By Certain Companies
CA 2013
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Explanation using Example
Imagine XYZ Tech, a public company with a substantial net worth, decides to raise funds for its new project. Instead of going for a bank loan, XYZ Tech opts to accept deposits from the general public, which is not part of its shareholders. To do so legally, XYZ Tech must comply with Section 76 of The Companies Act, 2013. This means they must follow the same procedures as they would for accepting deposits from members, as outlined in Section 73(2).
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