lakshmikanth (VP- Finance) 28 July 2011

Private company - deposits from public

Sir

Can a private limited company (registered in Karnataka) accept deposits against security of land stock.

Other wise whether a private limited comp can collect the deposit and shown it as advance against the sale of land.

regards

lakshmikanth.R

Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108) 29 July 2011

Prepare a mortage deed of the land (in full or part) and accept all the money you require.

Pass a prior BOD resolution to do the above.

For accepting deposits from public you need to register and obtain certificate of business from RBI and from the local Money Lending Authority.

Keep Smiling .... Hemant Agarwal