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

CS Executive · Company Law · PYQS · December 2022
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 the provisions of the Companies Act, 2013 (the Act). (ii) If AB Ltd. is an eligible company for accepting deposits, and could not pass a special resolution of its members, what other options are available to the company to borrow funds beyond the limit prescribed under section 180 of the Act?

Answer & Explanation:

If AB Ltd is an eligible company and could not pass a special resolution, there are no other options available. Hence, it cannot accept deposits beyond the limits prescribed under section 180.

Topics: Acceptance of Deposits by Companies

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