Referring to the provisions of Companies Act, 2013 (ACT), comment on the following: Any public company can accept deposit from the public by passing a Board Resolution.

The statement given is not true. Only eligible public companies as referred in sub section (1) of Section 76 of the Companies Act, 2013 read with The Companies (Acceptance of Deposits) Rules, 2014 having net worth of ₹100 crore or more or having an annual turnover of ₹500 crore or more and which has obtained prior consent of its members by a special resolution and filed the special resolution with the Registrar of Companies (ROC) at least 30 days before issue of circular to the depositor in Form DPT-1 can accept deposits from the public. Thus, only passing a Board resolution for accepting deposits is not sufficient. Approval of members in general meeting by special resolution is mandatory for accepting deposits by the company.