The Board of directors of Growmore Ltd. decides to invite deposits from public. You being the Company Secretary of the company have been asked to prepare and place before the Board, a detailed note on the conditions for

Note on conditions for inviting public deposits A public company having a net worth of not less than one hundred crore rupees or a turnover of not less than five hundred crore rupees and which has obtained the prior consent of the company in general meeting. (Section 76 read with Rule 2(1)(e) of Companies (Acceptance of Deposits) Rules, 2014) To pass a resolution in general meeting to accept deposits from its members on such terms and conditions including the provision of security, if any as may be agreed upon between the company and its members. To issue a circular to its members including therein a statement showing financial position of the company, credit rating obtained, details of outstanding deposits, if any and other particulars as prescribed in Rule 4 in Form DPT-1. To file a copy of circular with the Registrar within 30 days before the date of issue of circular. To deposit sum not less than 15% of amount of its deposits maturing during a financial year and the financial year next following in a scheduled bank as deposit repayment reserve account. To certify that the company has not committed any default in repayment of deposits. The company shall not accept or renew deposit if the amount of such deposit together with the amount of such other deposits, outstanding on the date of acceptance or renewal exceeds 25% of aggregate of paid up share capital, free reserves and securities premium account of the company. To appoint one or more trustees for depositors for creating security for the deposits and execute deposit trust deed in Form DPT-2 at least 7 days before issuing the circular. The company shall accept deposit on submission of an application form as specified by company by the intending depositor. On acceptance of deposits, the company is required to furnish a receipt within 21 days from date of receipt of money to the depositor. The company is required to maintain register of deposits with specified particulars (Rule 14).