AB Ltd. whose net worth is of ₹51 crore and annual turnover of ₹400 crore as per the latest audited financial statements intends to accept deposits from the general public. In this scenario answer the following questions

As per section 76(1) of the Companies Act, 2013 read with Rule 2(1)(e) of the Companies (Acceptance of Deposit) Rules, 2014, a public company having net worth of not less than ₹100 Crore or turnover of not less than ₹500 Crore (Eligible Company) and which has obtained the prior consent of the members in a general meeting by means of special resolution and has also filed the special resolution with the Registrar of Companies before making any invitation to the public for acceptance of deposits can obtain deposits from public. Eligible company, which is accepting deposits within the limit specified under clause (c) of sub-section (1) of section 180 (Borrowing Powers) may accept deposits by means of an ordinary resolution. AB Ltd. is not an eligible company and hence, it cannot accept deposit from general public.