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CA Inter Acceptance of Deposits by Companies — practice questions

Explore 54 free Acceptance of Deposits by Companies questions in CA Inter Law. Open each question or exercise to read its content, reference answers and available explanation.

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Acceptance of Deposits by Companies questions and exercises with answers

Showing questions 1–30 of 54.

Which Companies Act, 2013 section prohibits public deposits except as allowed?Read the answer and worked solution →Which detail must the circular to members under section 73(2) include?Read the answer and worked solution →Section 73(2)(b): circular copy to Registrar within how many days before issue?Read the answer and worked solution →Where must the deposit repayment reserve sum be kept?Read the answer and worked solution →The separate bank account under section 73(2)(c) is called what?Read the answer and worked solution →How must deposits that are not fully secured be described in a circular?Read the answer and worked solution →Section 73(5) allows the repayment reserve to be used only for what?Read the answer and worked solution →On a member deposit default, where does the depositor apply?Read the answer and worked solution →Which certificate is a section 73(2) condition?Read the answer and worked solution →Section 74 needs a statement of old unpaid deposits filed within what time?Read the answer and worked solution →Section 74(3): the company's fine ranges between which amounts?Read the answer and worked solution →Maximum imprisonment for a defaulting officer under section 74(3)?Read the answer and worked solution →Deposits accepted to defraud depositors: how are responsible officers liable?Read the answer and worked solution →Besides section 74(3), section 75(1) preserves liability under which section?Read the answer and worked solution →How often must a section 76 company obtain a credit rating?Read the answer and worked solution →A company accepting secured public deposits must create a charge within how long?Read the answer and worked solution →The minimum fine on a company under section 76A is which amount?Read the answer and worked solution →Section 76A: maximum imprisonment for an officer in default?Read the answer and worked solution →What fine range applies to a defaulting officer under section 76A?Read the answer and worked solution →Wilful breach of section 76A to deceive depositors attracts which section?Read the answer and worked solution →Section 76A was inserted into the Act by which year's amendment?Read the answer and worked solution →Section 76A also punishes which act besides improper acceptance?Read the answer and worked solution →Under the Deposits Rules, money from the Central Government is treated as?Read the answer and worked solution →Under the Deposits Rules, an amount received from another company is?Read the answer and worked solution →A loan from which lender is excluded from deposits under Rule 2(1)(c)?Read the answer and worked solution →Money from foreign banks and governments is treated how?Read the answer and worked solution →Money raised through commercial paper under RBI guidelines is treated how?Read the answer and worked solution →Share application money is excluded from deposits provided it is used how?Read the answer and worked solution →Unallotted application money turns into a deposit after how many days without allotment?Read the answer and worked solution →After sixty days without allotment, refund is due within how many more days?Read the answer and worked solution →

Worked practice questions

Which Companies Act, 2013 section prohibits public deposits except as allowed?

  1. Section 75
  2. Section 73
  3. Section 71
  4. Section 77
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Correct answer: B. Section 73

Section 73(1) bars any company from inviting, accepting or renewing deposits from the public except in the manner Chapter V provides.

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Which detail must the circular to members under section 73(2) include?

  1. Market price of its shares
  2. Credit rating obtained
  3. Number of its branches
  4. Promoter shareholding detail
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Correct answer: B. Credit rating obtained

The circular must carry the company's financial position, the credit rating obtained and the number of depositors with amounts due on earlier deposits.

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Section 73(2)(b): circular copy to Registrar within how many days before issue?

  1. Fifteen days
  2. Forty-five days
  3. Sixty days
  4. Thirty days
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Correct answer: D. Thirty days

A copy of the circular with the statement must be filed with the Registrar within thirty days before the circular is issued.

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More Law topics

Audit and AuditorsManagement and AdministrationShare Capital and DebenturesIncorporation of CompanyProspectus and Allotment of SecuritiesCompanies Act - PreliminaryThe General Clauses Act 1897Accounts of Companies