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Banks and Their Functions

For a private...

Question

For a private company to accept deposits from public is ________.

A

acceptable

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B

restricted

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C

prohibited

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D

court decides it

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Solution

The correct option is C prohibited
Private companies are strictly prohibited from accepting deposits from public under the Companies Act, 2013.

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Q. For a private company, to accept deposits from public is ____________.

Q. Accepting of deposits from public in case of private company is ____________.

Q. State whether the following statements are True or False.
(a) There is no chartered company in India.
(b) LIC is a statutory company.
(c) At least five persons are needed to form a public company.
(d) The minimum paid up capital of a private company must be Rupees five lakh.
(e) A private company can invite public deposits.
(f) The shares of a public company are transferable.
(g) A subsidiary of a public company is also a public company.
(h) The concept of private company deemed to be public no longer exists in India.

A prospectus is issued by

(a) A private company

(b) A public company seeking investment from public.

(c) A public enterprise

(d) A public company

Q. State with reason whether the following statement is true or false:
A private company can accept the deposits from the general public.

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