Green Roots Organics Private Limited decides to raise funds by accepting deposits from its members. The Board proposes to offer a fixed interest rate of 9% per annum and plans to secure the deposits through a charge on c

The terms and conditions of deposits from members of the company pursuant to the provisions of Section 73(2) and relevant Rules are as below: Issuance of a circular to its members including therein a statement showing the financial position of the Company, the credit rating obtained, the total number of depositors and the amount due towards deposits in respect of any previous deposits accepted by the Company and such other particulars in Form DPT-1 and in such manner prescribed under Rule 4 of the Companies (Acceptance of Deposits) Rules 2014; Filing a copy of the circular along with such statement with the Registrar within 30 days before the date of issue of the circular. Depositing on or before the 30th day of April each year, such sum which shall not be less than 20% of the amount of deposits maturing during the following financial year and kept in a scheduled bank in a separate bank account to be called deposit repayment reserve account; Certifying that the company has not committed any default in the repayment of deposits accepted either before or after the commencement of this Act or payment of interest on such deposits and where a default has occurred, the company made good the default, and a period of five years had elapsed since the date of making good the default; and Providing security, if any for the due repayment of the amount of deposit or the interest thereon including the creation of such charge on the property or assets of the company. It is to be noted that where a company does not secure the deposits or secures such deposits partially, then, the deposits shall be termed as "unsecured deposits" and shall be quoted in every circular, form, advertisement or in any document related to invitation or acceptance of deposits. Green Roots Organics Private Limited may accept the deposits from its members in compliance with the above said provisions.