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How can a company invite public deposits through advertisements? What are the details required to be included in the advertisements?
If a company wants to invite public deposits, it should publish an advertisement in the state in which the registered office of the company is situated. Such advertisement should be issued on the authority and in the name of the Board of Directors of the company and should contain a reference to the date on which the Board of Directors has approved the text of the advertisement. Following details are required to be included in the advertisements:
1) Name of the company
2) Date of incorporation of the company
3) Business carried on by the company and its subsidiaries with the details of its branches, if any.
4) Particulars of management of the company
5) Names, addresses and occupations of the Directors.
6) Profits before tax and profits after tax, for the 3 financial years immediately preceding the date of advertisement.
7) Summarised financial position of the company.
8) The amount of deposits which can be rasied by the company and the amount of actual deposits held
by the company on the last day of the immediately preceding financial year.
9) A statement showing amount of overdue deposits if any.
10)A declaration that the company has complies with the provisions of these rules.
11)A declaration that the deposits accepted by the company are on unsecured basis.
12)A declaration that the compliance with these rules does not imply that repayment of deposits is guaranteed by the Central Government.
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