Chapter 5 Acceptance of Deposits by Companies
Acceptance of Deposits by Companies
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Which of the following companies are not prohibited to accept deposits from the public? *
10 points
Where the company accepted deposits before this Act came into force, such deposit or part thereof or any interest due thereon shall be *
10 points
Failure to repay deposit or any interest within time frame or the time prescribed by the Tribunal and it is proved that the deposits had been accepted with intent to defraud the depositors, attracts punishment to the extent *
10 points
An Eligible company means a public company having a net worth of not less than *
10 points
Will advance towards annual maintenance service for more than 365 days be treated as a deposit? *
10 points
Is share application money pending allotment for more than 60 days treated as a deposit? *
10 points
Can a Private Company accept deposit from its members without complying with the provisions applicable to deposits? *
10 points
A Private Company can accept deposits from its members not exceeding _____ % of aggregate of its paid up share capital and free reserve *
10 points
In case deposit is taken from a person who is both a director and a member of the private Company, will such receipt of money be treated as deposit or not? *
10 points
An eligible company has to obtain prior consent of shareholders in general meeting by means of __________ before making any invitation to public. *
10 points
Is an eligible company required to obtain the rating from a recognized rating agency? *
10 points
What is the time period within which an eligible company is required to create a charge on its assets: *
10 points
Who can grant an extension of time for repayment of deposits accepted before commencement of Companies Act, 2013? *
10 points
Which of the following are exempt deposits: *
10 points
An eligible company as per section 76, which is accepting deposits within the limits specified under section 180 (1) (c) may accept deposits by means of: *
10 points
Every company shall pay a penal rate of interest for the overdue period in case of deposits, whether secured or unsecured, matured and claimed but remaining unpaid. *
10 points
A reserve account that shall not be used by the company for any purpose other than repayment of deposits is called: *
10 points
In Deposit Repayment Reserve Account Company shall deposit a sum equal to ____ of the amount of deposits maturing during the year and the next financial year. *
10 points
Register of deposits are to be maintained for a period of: *
10 points
Where depositors so desire, deposits may be accepted in joint names not exceeding *
10 points
No deposits are repayable earlier than _____ from the date of such deposits or renewal thereof. *
10 points
On 30th June 2017, the liability side of Balance Sheet of X Ltd. showed balance of paid up share capital of Rs. 65 lakhs, free reserve of Rs. 10 lakhs, share premium account of Rs. 20 lakhs, deposits of Rs. 25 lakhs, repayable in the current financial year, during the month of September 2017.In July 2017, the company was in need of some short term funds to the tune of Rs. 20 lakhs for a period of 6 months. The maximum amount which the company may hold as deposit together with existing deposits will be *
10 points
XYZ Private Limited, has passed a resolution in general meeting to accept deposit from its members. Terms and conditions are finalized in consultation with Reserve Bank of India. Company accepted deposits of INR 30 Lakhs in year 2016. Company wants more deposits in the next quarter. Board of Directors are aware that as per the Act, they have a Ceiling limit, beyond which they cannot accept deposits. What percentage of aggregate of paid-up share capital, free Reserves and securities premium account, they cannot cross? *
10 points
The Board resolution to invite, accept or renew public deposits and related matters, to review or change terms and conditions of public deposits can be passed *
10 points
Deposit creates relationship of ________. *
10 points
Which of the following amount (i.e., transaction) is not considered as deposit as per Companies Act, 2013? *
10 points
Company other than Eligible Company can accept deposits upto ________of aggregate paid up capital, free reserve and securities premium account from member. *
10 points
Which of the following statement(s) is/are not correct with reference to Companies Act, 2013? *
10 points
A public company having net worth of ___________ or turnover of ______ will be ‘eligible company’ under section 76(1) of Companies Act, 2013 to invite deposits from the persons other than its members, Such company can invite public deposits. *
10 points
Maharaja Sewing Appliances Ltd. is a listed company on Bombay Stock Exchange in India. The company is having net worth of ₹ 99 Crs and Turnover of ₹ 499 Crs. The company can make invitation to public for acceptance of deposits from _________. *
10 points
According to Section 73(5) of the Companies Act, 2013, The ‘deposit re-payment reserve account’ shall be used by the company ______. *
10 points
Rule 3(2) of Companies (Acceptance of Deposits) Rules, 2014 provides that Secured or unsecured deposit can be accepted for minimum period of 6 months and maximum 36 months. However, for short term requirements, deposits upto of aggregate paid up capital, free reserves and securities premium account can be accepted for period of less than six months but not less than three months. *
10 points
A company accepting deposits from members can accept deposits upto ______ of aggregate of paid up capital, free reserves and securities premium account under Rule 3(4) of Companies (Acceptance of Deposits) Rules, 2014. *
10 points
Bonds or debentures secured by first charge or pari passe charge on assets of the company (excluding intangible assets of the company) are not 'deposits' under the Companies Act, 2013, however, un-secured debentures or bonds where the security is illusory are ‘deposits. *
10 points
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