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If Private company and unlisted public limited company want to accept deposit from shareholders only then 1) is it compulsory to obtained credit rating ? 2) Is it compulsory to publish circular in two news papers before issuing the same to members ?

Section 73- Prohibition on acceptance of deposits from public.

Posted By: Vasant patel 10 year(s) ago

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    Akansha

To publish circular and to obtain credit rating is not required for private company, though private company can publish circular in newspaper, as it is recommendatory but for public company having a net worth of not less than Rs. 100 cr or a turnover of not less than Rs. 500 cr it is mandatory to publish the circular in pursuant to rule 4 of companies (acceptance of Deposit) Rules, 2014 and also require to obtain credit rating in pursuant to section 76 of the Act

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    RAMAMURTHY

Whatever deposit is accepted has to be within the category of exempted deposits that is it should be within any one of the 14 categories as per rule 2(c) of Companies (Acceptance of Deposits) Rules, 2014. Amounts can be only received from directors and not from shareholders. Therefore the other questions like credit rating and circular in newspapers does not arise.

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